Money laundering, terror funding: Pakistan and UAE likely to fight off challenges

Pakistan and United Arab Emirate would explore the possibility of signing of a memorandum of understanding (MoU) to deal with the issue of money laundering and terrorism funding and would nominate a co-ordinating officer for exchange of information in both the countries.
Sources told Business Recorder here on Friday that the upcoming 10th session of Pakistan-UAE Joint Ministerial Commission is expected to be held at Abu Dhabi on November 15-16, 2011. It is expected that both the sides would extend co-operation on the issues of money laundering and terrorism financing cases. There is a need to sign a MoU between concerned establishments of both the countries to fight the menace of money laundering and financing of terrorism between both the countries and nomination of a co-ordinating officer, both in Pakistan and UAE to exchange information in this regard. During the PAK-UAE JMC, draft agenda items proposed by the UAE side included co-operation in the fields of economy, investment and finance. It also included exchange of information regarding investment laws and regulations.
The provision of information regarding investment companies and businesspersons of Pakistan to be discussed with the Ministry of Foreign Trade of the UAE. Other agenda items included exchange of information regarding commercial and trade exhibitions in both the countries. To activate the proposal regarding establishment of UAE-Pakistan investment company to encourage investments in the private sectors of both the countries in productive fields. The JMC would encourage private sectors of both the countries to enter into a practical partnership in the fields of science, research and development of environment friendly technology.
During the JMC, Pakistan will give invitation to UAE investors for investment in infrastructure. To utilise natural resources of Pakistan investments in the field of food security is in the interest of UAE. The preparations would be made for the first meeting of UAE and Pakistani Business Council, which has been established recently. There would be co-operation in the field of Customs and intention to discuss queries and attestation applications and confirm genuineness of certificates of origin and pending issues between Pakistan Customs and Dubai Customs Department.
The next JMC meeting between the Pakistan and the UAE, both the sides would further explore co-operation in the banking field. In this regard, the issue of direct electronic linkage between UAE-Switch E-exchanges and Pakistan''s e-banking would be discussed. As far as co-operation in the judicial field is concerned, sources said that the draft agreement on Transfer of Offenders is ready for signature by both the sides.
For the co-operation in the field of telecommunications, sources said that UAE may make request to the Government of Pakistan for payment of the outstanding instalments, amounting to Rs 205 billion, on account of the share of the Government of Pakistan towards the voluntary termination of services of PTCL employees.
The meeting would also discuss co-operation in the field of weather forecast and earthquakes. To link up networks of both the countries in the above fields especially southern areas of Pakistan and Makran Coast of the Arabian Sea. There would be exchange of information and studies regarding Makran area and to study history of the region for taking necessary precautionary steps to minimise threats of earthquakes and tsunamis. The agenda of the meeting also included linking up weather forecast networks between both the countries and exchange of details/information and studies in the field of weather forecast.
The issue of co-operation in the field of Civil Aviation would be discussed in the upcoming JMC. The Civil Aviation Authority of the UAE side intends to put forward the following options in this regard:
Option No 1: To implement policy of open skies between the two countries.
Option No 2: To follow the policy of third and fourth freedom between both the countries without any conditionalities.
Option No 3: To implement principle of reciprocity and allow UAE''s national carriers to enjoy same liberties which Pakistan''s national carriers enjoy between both the countries.
The JMC would discuss possibility of participation of MASDAR (Abu Dhabi Future Energy Company) in development of wind energy, solar energy projects in Pakistan & discuss investment opportunities in economically viable projects which are expected to yield 15% or higher returns.
MASDAR intends to invite Pakistani Companies working in the field of energy to establish their regional offices to operate in the Middle East & North Africa which will provide them a number of benefits and facilities. The JMC would study investment opportunities in modernisation and development of energy stations in Pakistan, in addition to investment opportunities in the fields of establishment of energy stations with energy efficient power plants.
The UAE would invite Pakistani Companies working in the field of renewable energy to participate in International Summit for future energy being organised in the month of January every year. The JMC would discuss draft MoU for co-operation in the field of Higher Education and Scientific research between the Ministry of Education and Scientific Research of UAE and Higher Education and Scientific Research Authority in Pakistan, sources added.