UAB seeks to implement UNSC resolution on combating money

Board Chairman of Union of Arab Banks Sheikh Mohamed el-Jarrah el- Sabah said the union is seeking to enhance cooperation with international banks to implement UNSC resolution on drying out resources of funding terrorist group Daesh.

In statements to reporters following his meeting with Arab League Chief Ahmed Abul Gheit, Sheikh Sabah said the meeting took up means of activating cooperation between UAB and the Arab League especially in the fields of banks, development of inter-Arab trade, combating money laundering as well as terrorism fund.

He also highlighted the importance of the role of UAB to achieve an Arab economic integration as well as preparing a study on the integrated economic projects which are being implemented in the Arab countries.

UAB has also presented proposals on establishing an Arab customs union, he said, noting that efforts are currently underway to overcome the impediments of exchanging local currency among Arab countries in the trade exchange.