UAE Contributes To Regional Efforts At MENAFATF Plenary Meeting In Riyadh And Appointed Vice Chair For 2025

The United Arab Emirates, led by Hamed Saif Al Zaabi, participated in the 39th Plenary Meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF). This event occurred in Riyadh, Saudi Arabia, from November 20-21, 2024. The meeting gathered member states and experts on money laundering and terrorism financing. Observers from various countries and organisations were also present.

During the meeting, discussions covered several topics related to MENAFATF's activities. The UAE was appointed as Vice Chair for 2025, a decision supported by Ms. Elisa De Anda Madrazo, President of the Financial Action Task Force (FATF). The UAE delegation actively engaged in working sessions and presented to the Risk Committee on cybercrime impacts and law enforcement roles.

The UAE's nomination of Hamed Saif Al Zaabi was endorsed by the FATF President. Joint priorities between Jordan and the UAE were ratified to support MENAFATF’s objectives. These priorities focus on enhancing cooperation, communication, and coordination with international partners. They align with MENAFATF's strategic plans.

Focus on Virtual Assets

The UAE delegation also addressed the misuse of virtual assets in terrorism financing during their presentations. They participated in a session on virtual asset regulation at a regional conference on money laundering and terrorist financing. This conference marked MENAFATF's 20th anniversary on November 19, 2024.

Commitment to Global Cooperation

As an active MENAFATF member, the UAE is committed to being a secure financial hub. Their participation reflects a strategic focus on international cooperation. This aligns with FATF's priority under the Mexican Presidency to amplify FATF-Style Regional Bodies' voices.

The UAE continues to play a vital role in global financial security efforts through its active involvement in MENAFATF initiatives. Their commitment to combating financial crimes is evident through their participation and leadership roles within these international forums.

With inputs from WAM