MENAFATF participates in the Ministerial Meeting of the Financial Action Task Force (FATF) in Washington

The Middle East and North Africa Financial Action Task Force (MENAFATF), headed by Hamid Saif Al Zaabi, Chairman of the Group, and with the participation of Suleiman bin Rashid Al-Jibrin, Executive Secretary of the group, participated in the Ministerial Meeting of the Financial Action Task Force (FATF), which was held on the sidelines of the spring meetings of the Bank Group and the International Monetary Fund in Washington, DC.

According to the ministerial statement issued by the FATF, the ministers stressed the importance of fully and quickly implementing international standards, strengthening international cooperation, accelerating preventive measures, detection, investigation and prosecution, in addition to recovering assets and strengthening national legal frameworks, which contributes to combating illicit financing more effectively.

The statement indicated that financial crimes, including fraud, organized crime and illicit trafficking, represent a growing threat that requires a coordinated international response, especially in light of the acceleration of technological developments that facilitate the movement of money across borders.

During the meeting, the Ministers of the Financial Action Task Force stressed the importance of combating illicit financing through coordinated and multilateral action, and agreed on the importance of focusing efforts on the growing threat of fraud, and enhancing the effective implementation of the risk-based standards of the Financial Action Task Force (FATF).

The group’s participation comes for the first time in the spring meetings of the Bank Group and the International Monetary Fund, within the framework of strengthening international coordination and exchanging experiences in the areas of integrity of financial systems and combating financial crimes.

Hamid Saif Al Zaabi stressed that the participation of the MENATV group in this ministerial meeting is an important step in strengthening its presence within the international system, noting that the group’s first participation in the spring meetings of the Bank Group and the International Monetary Fund achieved positive results and contributed to strengthening coordination with international partners.

He said that this participation reflects the commitment of the countries of the region to enhancing the effectiveness of systems to combat money laundering, the financing of terrorism, and the financing of arms proliferation, and to keep pace with international best practices, in a way that supports the stability and integrity of financial systems at the regional and global levels.

He pointed out that the outcomes of the ministerial meeting reflect a growing international consensus on the importance of joint action to confront growing financial threats, especially in light of the rapid developments in patterns of financial crimes.