The Arab League Secretary General Ahmed Aboul Gheit met today with Chairman of the Union of Arab Banks Sheikh Mohammed Al Jarrah Al Sabah.

    In a statement issued by Al Sabah after the meeting he confirmed that the Union is working on the combat of money laundry and terrorism funding which are the two main problems facing the world at the moment. He further stated that the Union is working with international banks to apply the decision of the UN Security council on this topic, especially on draining ISIS group funding sources.

    Al Sabah commented that the meeting touched on the revitalization of the prospects of joint cooperation between the Union and the Arab League, especially in the field of banking and the development of inter-Arab trade, in addition to organizing annual conferences to support Arab cooperation and to educate Arab bankers to combat money laundering and terrorism funding in accordance with international banking foundations.

    Chairman of the Union of Arab Banks Sheikh Mohammed Al-Jarrah Al-Sabah.

    He stressed the importance Union's role in achieving Arab economic integration through studies prepared by the entity to achieve this goal, especially with regard to the relationship between inter-Arab trade and the local currency for each country, in addition to the preparation of other studies carried out on economic integration in the Arab countries.

    He explained that the Union also made proposals in relation to establishing an Arab Customs Union, noting that the biggest obstacle in order to found Customs Union is the subject of the exchange of local currencies, which was projected in the study prepared by the Union on the exchange of inter-Arab trade using local currency.

Source: QNA