Given the positive relations between the Arab Republic of Egypt and the Kingdom of Morocco, as well as their shared desire to strengthen and develop their frameworks of cooperation in the areas of control and supervision of the insurance sector, information sharing regarding these areas, and joint cooperation in related areas, Dr.
Mohamed signed a memorandum of understanding with Othman Khalil Al-Alami, the chairman of the Insurance and Social Reserve Control Authority in the Kingdom of Morocco, and Farid, the president of the Financial Supervision Authority in Egypt.
According to Farid, this agreement aims to improve coordination between the two bodies, raise the level of experience- and knowledge-sharing between the two sides, promote bilateral cooperation between the two nations in the fields of training, capacity building, and competencies, work to increase insurance awareness and confidence, and exchange field training visits in the fields of supervision and control with a consistency of frameworks a priority (IAIS).
Dr.
In order to improve coordination and exchange knowledge and experiences in the fight against money laundering, cooperation in the implementation of international standards, particularly the recommendations of the financial work group related to international cooperation in this field, with the raising of the level of insurance control in both countries, and t, Mohamed Farid continued,
It is important to note that the agreement was signed concurrently with Dr. Mohamed Farid, Chairman of the General Authority for Financial Supervision, taking part in the events of the International Organization for Control Bodies on the Financial Markets (iOSCO) annual meetings, which will be held in Marrakech from October 17 to October 20, 2022.
To improve collaboration, Financial Supervision anticipates signing a memorandum of understanding with the Moroccan Insurance Control Authority.
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