Abu Dhabi (Etihad)
The Central Bank of the United Arab Emirates signed a memorandum of understanding with the Central Bank of Egypt with the aim of strengthening joint supervision between them.
The Memorandum of Understanding defines mechanisms for exchanging information to facilitate the performance of their supervisory tasks and their role in ensuring financial stability.
Under the memorandum of understanding, the two parties will define mechanisms for cooperation and exchange of information in the field of licensing, the ownership structure of licensed financial institutions, licensing of acquisitions, inspection of licensed financial institutions, in addition to the necessary approvals for licensing applications, and inform each other of any significant changes in the regulatory requirements of the judicial authorities in the two countries. .
On the other hand, it was agreed to cooperate in carrying out their tasks to counter money laundering and combat the financing of terrorism by the licensed financial institutions under their supervision. The memorandum of understanding also stipulated the confidentiality of requests and information exchanged between the two parties.
Commenting on the signing, His Excellency Khalid Mohammed Balama, Governor of the Central Bank of the UAE, said: “Signing the memorandum of understanding with the Central Bank of Egypt will enhance our compliance with international best practices in supervising cross-border banking operations. This agreement comes at an appropriate time, given the strong relationships between our financial systems and the economies of both countries.”
In turn, Tariq Amer, Governor of the Central Bank of Egypt, stated that “Egypt is keen to strengthen the bonds of partnership with the Arab brothers, which will reflect on the interests of its peoples and achieve the goals of joint economic development, and the memorandum signed with the Central Bank of the United Arab Emirates will achieve the desired cooperation between the two central banks. and strengthening the strong relationship between the two countries.