ABU DHABI- The Ministry of Foreign Affairs and International Cooperation today signed an agreement with the Arab Monetary Fund to host the headquarters of the Regional Entity for Clearing and Settlement of Intra-Arab Payments in the UAE.
The agreement was signed on behalf of the ministry by Ahmed Abdul Rahman Al Jarman, Assistant Minister for Human Rights and International Law, and on behalf of the AMF by Dr. Abdulrahman bin Abdullah Al Hamidy, Director-General and Chairman of the AMF Board.
Under the agreement, the UAE will create the legal framework and provide the necessary benefits and immunities for the corporation to enable it to efficiently perform its role, as well as to generate regional integration opportunities.
The corporation will support Arab economic integration and leading commercial parties of Arab countries to maintain economic and financial stability in the region.
The UAE was chosen to host the corporation’s headquarters due to the related efforts of the Ministry of Foreign Affairs and International Cooperation, the Ministry of Finance, and the Central Bank of the UAE, as well as the country’s suitable economic environment and its reputation for applying the highest international standards relevant to the corporation’s work.
The corporation, through its services and duties, aims to ensure adherence to international standards and correct practices related to anti-money laundering and terrorist financing.
The UAE will assist the corporation through the Ministry of Finance and the Central Bank of the UAE.
© Copyright Emirates News Agency (WAM) 2020.