MoU inked: Islamabad, Riyadh to combat corruption, money laundering

ISLAMABAD: Pakistan and Saudi Arabia on Thursday signed a memorandum of understanding (MoU) to enhance cooperation in combating corruption, money laundering, and the recovery of stolen assets, officials said.

The agreement was signed by Mazin bin Ibrahim Al-Kahmous, President of Saudi Arabia’s Oversight and Anti-Corruption Authority (Nazaha), and Lt Gen Nazir Ahmed (retd), Chairman National Accountability Bureau (NAB), during the inaugural session of the Asset Recovery Interagency Network for the MENA region held in Jeddah from October 8 to 9.

Under the MoU, both countries agreed to share information related to corruption and money laundering, collaborate on asset tracing and recovery, and provide mutual legal assistance (MLA), including technical support for preparing MLA requests.

Al-Kahmous praised Pakistan’s recent anti-corruption reforms, noting NAB’s reported recovery of Rs6.4 trillion. He also welcomed NAB’s contributions to the regional forum.

Lt Gen (retd) Ahmed commended Saudi Arabia’s anti-corruption initiatives and highlighted recent bilateral developments, including a defence agreement between the two nations. He invited Al-Kahmous to visit Pakistan to further deepen cooperation.

Copyright Business Recorder, 2025