Doha, May 19 (QNA) - In a step toward strengthening bilateral relations and expanding the international cooperation framework in the fight against financial crimes, the Qatar Financial Information Unit (QFIU) and the Libyan Financial Information Unit signed a Memorandum of Understanding (MoU) to enhance collaboration and facilitate the exchange of financial information.

The MoU underscores both parties' shared commitment to international standards, particularly the recommendations of the Financial Action Task Force (FATF), in combating money laundering and terrorist financing.

This MoU further reinforces the State of Qatar's role in supporting regional cooperation, in line with international efforts to combat organized crime and promote transparency within the financial system across the Middle East and North Africa region.

The MoU was signed on the sidelines of the Middle East and North Africa Financial Action Task Force (MENAFATF) plenary meetings held in Amman, Jordan, by HE Head of Qatar Financial Information Unit Sheikh Ahmed bin Eid Al-Thani, and Director of the Libyan Financial Information Unit Ahmed Bougaighis.

During the signing, both parties stressed the importance of building effective strategic partnerships to enhance bilateral coordination.

They also emphasized the importance of exchanging expertise and best practices, implementing capacity-building programs, and developing operational mechanisms to ensure sustainable mutual cooperation and reinforce their commitment in this vital field.

This MoU marks a significant milestone in advancing international coordination, reflecting the State of Qatar's ongoing efforts to promote transparency and compliance with the global AML/CFT standards.

This step also aligns with the relevant pillars of the national strategy, particularly in strengthening bilateral cooperation and information exchange.

Under this MOU, both parties intend to explore the development of a shared database and activate technical working groups to support cross-border financial analysis efforts. (QNA)