Maldives signs UAE banking agreement

The Maldives Monetary Authority will cooperate with the Central Bank of the UAE on issues of technical assistance and battling money laundering and terrorist financing under the terms of a Memorandum of Understanding (MOU) signed yesterday.

The UAE’s Central Bank’s governor, Sultan Bin Nasser Al Suwaidi, signed the deal along with his counterpart within the Maldives Monetary Authority in order to work together to try and ensure banking in both nations is in line with international standards on sound financial practices.

“This MOU puts a mechanism to cooperate in banking supervision [regarding] financial institutions operating in the two countries and exchange of supervisory information, in line with the international standards relating to exchange of information between banking supervisory authorities,” said the Central bank of the UAE in a statement.

The MOU agreement is also said to include assistance and training for staff at the Maldives Monetary Authority both in the UAE and the Indian Ocean at educational institutions that focus on banking supervision and examination.