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UAE Central Bank signs MoU with Maldives Monetary Authority

posted on 20/12/2010: 813 views

Central Bank of the UAE signed a Memorandum of Understanding (MOU) with the Maldives Monetary Authority on Sunday 19 December 2010 at the Central Bank's Head Office in Abu Dhabi, for cooperation and exchange of information on banking supervision, technical assistance and training, as well as for combating money laundering and terrorist financing.

Governor of the Central Bank Sultan Bin Nasser Al Suwaidi and the UAE and Governor of Maldives Monetary Authority Fazeel Najeeb signed the MOU on behalf of the UAE Central Bank and Maldives Monetary Authority respectively.

The MOU sets up a mechanism for mutual cooperation in banking supervision on financial institutions operating in both countries and exchange of information in this regard, in line with the international standards relating to exchange of information between banking supervisory authorities, which would contribute to the realisation of a sound financial system.

The MOU also calls for cooperation with the Maldivian authorities in the field of exchange of information for combating money laundering and terrorist financing (AML/CFT).

It also stipulated provision of assistance and training for the Maldives Monetary Authority staff. The Authority will delegate trainees from the Maldives to the UAE to attend international training programs organised by the Central Bank in collaboration with international institutes and other educational institutions at all levels, covering different subjects, such as banking supervision and examination, specialised courses in Islamic banking and AML/CFT.

Fazeel Najeeb welcomed this training initiative and thanked Central Bank of the UAE.

The MOU emphasises the importance UAE Central Bank attaches to banking cooperation with international supervisory and monetary authorities.– Emirates News Agency, WAM


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