Muscat: The Capital Market Authority (CMA) and the Supervisory Authority of Insurance and Social Welfare (ACAPS) in the Kingdom of Morocco today signed a Memorandum of Understanding (MoU) in the field of supervision and auditing of the insurance sector.

The MoU will contribute in enhancing cooperation between the two sides in the field of insurance, information and experience exchange to develop legislative and technical systems.

The MoU seeks to achieve a set of goals, such as exchanging expertise in the field of natural disasters, insurance risks and technical systems used in auditing and supervising insurance companies. It also aims at enhancing coordination in the field of combating money laundering and terrorist financing related to the insurance sector.

The MoU was signed by Abdullah Salim Al Salmi, CEO of the CMA and Othman Khalil El Alami, Acting Chairman of the ACAPS.

The signing ceremony was attended by Tarik Al Hussaisan, Moroccan Ambassador to the Sultanate of Oman.