MENAFATF Leadership Meets In Jordan To Strengthen Anti-Money Laundering Strategies For 2025

The Middle East and North Africa Financial Action Task Force (MENAFATF) leadership convened in Jordan to outline executive plans for their joint strategic priorities. This meeting was chaired by Samia Abu Sharif, a key figure in Jordan's Anti-Money Laundering efforts, alongside Hamed Saif Al-Zaabi from the UAE. Suliman bin Rashid AlJabrin, the group's Executive Secretary, also attended.

During the 39th MENAFATF Plenary in November 2024, five key priorities were established. These priorities aim to enhance Anti-Money Laundering and Combating the Financing of Terrorism efforts across the MENA region. The focus is on improving governance frameworks and supporting member states through mutual evaluation processes.

The group's strategic goals include strengthening its role in mutual evaluations and assisting members with these evaluations. They also plan to improve governance structures and continue implementing FATF recommendations. This aims to make procedures more effective and targeted towards achieving these recommendations.

Another priority is fostering cooperation with international partners and regional bodies. This aligns with MENAFATF's strategic plans to enhance communication and coordination. Efforts will also intensify to implement international standards by understanding risks associated with money laundering and terrorist financing.

Abu Shareef will lead MENAFATF as President in 2025, while AlZaabi will serve as Vice President in 2025 and President in 2026. Abu Shareef stated, "These joint priorities of the MENAFATF presidency chart an ambitious path to enhance the strategic direction, vision and future priorities of the group, which will contribute to achieving the vision of our two countries during their presidency for the years 2025 and 2026 in an effective and fruitful manner."

Al Zaabi highlighted the region's commitment to combating financial crimes, noting initiatives like the regional asset recovery network. He remarked on the UAE's active role within MENAFATF, emphasizing its dedication to maintaining global financial integrity.

Significance of Joint Initiatives

AlJabrin underscored the importance of collaboration between Jordan's current presidency and the UAE's upcoming leadership. This initiative coincides with MENAFATF's 20th anniversary, marking a significant milestone for the group.

The UAE and Jordan have been integral members since MENAFATF's inception in 2004. Both countries are committed to advancing its objectives, contributing significantly to global financial integrity while addressing regional financial crime risks.

MENAFATF now includes 21 member countries from MENA along with 18 observer nations. Together, they play crucial roles in combating money laundering, terrorism financing, and proliferation financing.

With inputs from WAM