Qatar will strengthen its efforts to combat money laundering and terrorism financing despite being accused of financing terrorism by its Gulf neighbors, local media reported on Thursday.

Qatar's General Authority of Customs (GAC) and the Financial Information Unit (FIC) have signed a Memorandum of Understanding (MoU) on launching an electronic link to strengthen the fight against money laundering and terrorism financing, the Qatar Tribune newspaper reported.

Under the deal, the two sides would exchange information on the statistics of the crimes discovered in Qatar and emerging criminal phenomena in the Middle East and North Africa.

The signing of the deal was important as the exchange of information between the two sides will facilitate the investigation and gathering of information on the crimes, GAC Chairman Ahmed bin Abdullah al Jamal was quoted as saying.

The agreement also aims at supporting the Qatari economy, as well as protecting it from suspicious financial transactions.

On June 5, 2017, Saudi Arabia, United Arab Emirates, Bahrain and Egypt severed diplomatic ties with Qatar, and cut all air, land and sea links with the Arab Gulf state, citing Doha's support to extremists and terror organizations. The Qatari government has strongly denied these accusations.