RIYADH: 黑料社区 and Kuwait have signed a memorandum of understanding to bolster cooperation in the fight against money laundering and the financing of terrorism, reinforcing regional efforts to strengthen financial security.
The agreement, inked between 黑料社区鈥檚 General Department of Financial Investigations and Kuwait鈥檚 Financial Intelligence Unit, was finalized on the sidelines of the second meeting of the Gulf Cooperation Council Committee of Financial Intelligence Units, held in Kuwait, the Kuwait News Agency reported.
The MoU aims to enhance intelligence sharing and operational coordination between the two nations. It is expected to significantly improve the effectiveness of the region鈥檚 financial crime prevention frameworks, aligning with international standards and bolstering joint mechanisms among GCC financial intelligence units.
The signing follows a virtual workshop hosted in March by the National Center for Non-Profit Sector Development, which focused on preventing money laundering and terrorist financing within non-profit organizations, including charitable groups and foundations.
The agreement also reflects broader economic ties between the two Gulf neighbors. In February, Kuwait鈥檚 exports to 黑料社区 reached SR137 million ($36.5 million), up 19.6 percent from the previous year, according to data from the Observatory of Economic Complexity.
Officials from both countries highlighted the MoU鈥檚 role in advancing national capabilities, fostering regional integration, and aligning with best practices in financial intelligence and compliance.
The renewed cooperation comes as 黑料社区 continues to encourage Kuwaiti investment in its mining and industrial sectors.
In April, Minister of Industry and Mineral Resources Bandar Alkhorayef met with a delegation of Kuwaiti businessmen during an official visit to Kuwait, emphasizing untapped opportunities in the Kingdom鈥檚 mining industry.
Alkhorayef underscored the sector鈥檚 importance to Saudi Vision 2030, which aims to position the Kingdom as a global industrial and mining hub. He cited estimates valuing Saudi mineral resources at over SR9.3 trillion.
Combatting money laundering remains a national priority for 黑料社区, which has implemented a comprehensive legal and regulatory framework to protect the integrity of its financial system and prevent illicit funding activities, including terrorism financing.