The Pakistani and British governments on Thursday signed an agreement to enhance financial intelligence sharing in order to counter money laundering and terror financing.

A delegation headed by FMU Director General Mansoor Siddiqui signed the agreement with the United Kingdom's Financial Intelligence Unit (FIU) while on a visit to the UK.

A press release issued on the occasion stated that the FMU in Pakistan and the FIU in the UK had signed an MoU for the establishment of a channel facilitating the efficient exchange of financial intelligence.

The delegation held meetings with British law enforcement agencies (LEAs) and discussed how to enhance coordination between the FIU and LEAs. The team also familiarised itself with the workings of the FIU, the press release stated.

As a result of the visit, LEAs on both sides will now have the opportunity to exchange information and carry out more effective investigations.

The FMU has already signed MoUs with Turkey, Sri Lanka, Iran, Turkmenistan and Kazakhstan, while agreements with China, the United Arab Emirates, Qatar and Malawi are being finalised and are expected to be signed soon.