Israel and UAE clinch first MOU on banking and finance

Israel and the United Arab Emirates have signed a first formal memorandum of understanding (MOU) on banking and finance, including preventing terror financing, Prime Minister Benjamin Netanyahu says.

A statement by the Prime Minister’s Office says the MOU was signed by the PMO’s acting director-general Ronen Peretz and by the governor of the Central Bank of the United Arab Emirates, Abdulhamid Saeed.

According to the MOU, Jerusalem and Abu Dhabi will form a joint committee to promote cooperation in finance and investments. That will entail removing financial obstacles currently preventing mutual investment between the countries, and advancing joint investments in the capital market.

The countries will also discuss promoting cooperation in banking and payment regulation.

They will “create a special work group to create the conditions for joint investments that meet international standards, including in fighting money laundering and terror financing,” according to the PMO statement.

“I welcome the first understandings signed in Abu Dhabi,” says Netanyahu. “These understandings will help us promote mutual investments and broad collaborations. We will soon announce additional agreements on aviation, tourism, trade and more.”