20 December 2010
Abu Dhabi, the United Arab Emirates - Central Bank of the UAE signed a Memorandum of Understanding (MOU) with the Maldives Monetary Authority on Sunday at the Central Bank’s Head Office in Abu Dhabi, for cooperation and exchange of information on banking supervision, technical assistance and training, as well as for combating money laundering and other related issues.
Governor of the Central Bank Sultan Bin Nasser Al Suwaidi and Governor of Maldives Monetary Authority Fazeel Najeeb signed the MOU, the UAE news agency 'WAM' reported.
The MOU sets up a mechanism for mutual cooperation in banking supervision on financial institutions operating in both countries and exchange of information in this regard, in line with the international standards relating to exchange of information between banking supervisory authorities, which would contribute to the realization of a sound financial system.
The MOU also calls for cooperation with the Maldivian authorities in the field of exchange of information for combating money laundering.
It also stipulated provision of assistance and training for the Maldives Monetary Authority staff.
The Authority will delegate trainees from the Maldives to the UAE to attend international training programs organized by the Central Bank in collaboration with international institutes and other educational institutions at all levels, covering different subjects, such as banking supervision and examination, specialized courses in Islamic banking.
Fazeel Najeeb welcomed this training initiative and thanked Central Bank of the UAE.
The MOU emphasizes the importance UAE Central Bank attaches to banking cooperation with international supervisory and monetary authorities.
Abu Dhabi, the United Arab Emirates - Central Bank of the UAE signed a Memorandum of Understanding (MOU) with the Maldives Monetary Authority on Sunday at the Central Bank’s Head Office in Abu Dhabi, for cooperation and exchange of information on banking supervision, technical assistance and training, as well as for combating money laundering and other related issues.
Governor of the Central Bank Sultan Bin Nasser Al Suwaidi and Governor of Maldives Monetary Authority Fazeel Najeeb signed the MOU, the UAE news agency 'WAM' reported.
The MOU sets up a mechanism for mutual cooperation in banking supervision on financial institutions operating in both countries and exchange of information in this regard, in line with the international standards relating to exchange of information between banking supervisory authorities, which would contribute to the realization of a sound financial system.
The MOU also calls for cooperation with the Maldivian authorities in the field of exchange of information for combating money laundering.
It also stipulated provision of assistance and training for the Maldives Monetary Authority staff.
The Authority will delegate trainees from the Maldives to the UAE to attend international training programs organized by the Central Bank in collaboration with international institutes and other educational institutions at all levels, covering different subjects, such as banking supervision and examination, specialized courses in Islamic banking.
Fazeel Najeeb welcomed this training initiative and thanked Central Bank of the UAE.
The MOU emphasizes the importance UAE Central Bank attaches to banking cooperation with international supervisory and monetary authorities.
© Saudi Press Agency 2010
