Saudi Arabia Hosts The 39th MENAFATF Meeting To Address Anti-Money Laundering And Terrorism Financing

The Saudi Central Bank (SAMA) is hosting the 39th Plenary Meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF) in Riyadh from November 16 to 21. This event will be led by Yemen and attended by senior officials and observers from MENAFATF member countries, alongside regional and international organisations dedicated to anti-money laundering (AML), combating terrorism financing (CFT), and addressing proliferation financing.

During this meeting, participants will delve into essential topics related to AML, CFT, and proliferation financing. They will also review the outcomes of the Financial Intelligence Units Forum (FIUF), the Operational Experts Forum on Terrorist Financing (OFTF), and the Risk Committee. These discussions aim to enhance strategies against financial crimes in the region.

Coinciding with the MENAFATF meeting, a conference will mark MENAFATF's 20th anniversary. This event will highlight recent advancements in AML, CFT, and combating proliferation financing. Governor of the Saudi Central Bank Ayman Al-Sayari is set to inaugurate this conference, which promises insightful sessions on various critical issues.

The conference will cover several key areas, including adopting international standards set by the Financial Action Task Force (FATF) and its regional counterpart. It will also examine lessons learned from current mutual evaluations and provide insights into future assessments. Additionally, discussions will focus on applying FATF standards to virtual assets and emerging technologies.

Country-specific experiences in implementing these standards will be shared during the sessions. Best practices in asset tracking and recovery will be explored, along with strategies for activating international cooperation mechanisms. These discussions are crucial for strengthening regional efforts against financial crimes.

The meetings are part of MENAFATF's ongoing initiatives to combat money laundering, terrorist financing, and proliferation financing across the Middle East and North Africa. By fostering collaboration among member countries, MENAFATF aims to protect the region from these illicit activities effectively.

This gathering underscores Saudi Arabia's commitment to addressing financial crimes through regional cooperation. By hosting such significant events, SAMA plays a vital role in advancing global efforts against money laundering and terrorism financing.

With inputs from SPA