The Middle East and North Africa Financial Action Task Force (MENAFATF) convened in Amman, Jordan, for a pivotal meeting to establish its anti-money laundering (AML) and combating the financing of terrorism (CFT) strategies for 2025. The gathering was led by prominent figures such as Samia Abu Sharif, head of Jordan’s AML initiatives, and Hamed Saif Al-Zaabi from the UAE, alongside Executive Secretary Suliman bin Rashid AlJabrin. Their collective efforts aim to fortify the region’s financial integrity through collaborative and innovative strategies.
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Strategic Anti-Money Laundering Plans for the MENA Region
During the 39th MENAFATF Plenary held in November 2024, the group outlined five strategic priorities designed to address the evolving challenges of AML and CFT in the MENA region. These priorities emphasize improving governance frameworks, strengthening mutual evaluation processes, and fostering international collaboration. By adhering to these objectives, MENAFATF seeks to ensure the implementation of global standards set by the Financial Action Task Force (FATF).
Enhancing Governance and Mutual Evaluations
One of MENAFATF’s primary goals is to bolster governance structures across its member states. This includes refining mutual evaluation processes to provide a clearer assessment of AML and CFT compliance. Such measures not only improve national capacities but also ensure a unified regional approach to combating financial crimes. Abu Sharif emphasized that these priorities create a robust foundation for achieving the group’s vision for 2025 and beyond.
Strengthening International Collaboration
MENAFATF also aims to enhance cooperation with international and regional partners. This involves deepening relationships with organizations like FATF to better address cross-border money laundering risks. By sharing insights and best practices, MENAFATF aspires to build a cohesive front against terrorism financing and proliferation financing.
Al-Zaabi highlighted the importance of global partnerships, stating, “Through collaborative efforts, we can develop innovative solutions to mitigate risks and safeguard the region’s financial systems.”
Key Leadership and Their Vision for 2025
As MENAFATF prepares for a dynamic year ahead, its leadership is poised to drive meaningful change. Abu Sharif will serve as President in 2025, while Al-Zaabi will take on the Vice President role before assuming the presidency in 2026. Under their leadership, MENAFATF aims to foster a strategic direction that aligns with member states’ objectives and addresses regional challenges.
Abu Sharif expressed optimism about the group’s future, stating, “Our joint priorities reflect an ambitious vision that will contribute to financial stability and integrity across the MENA region.” Al-Zaabi also acknowledged the UAE’s active role in initiatives like the regional asset recovery network, underscoring the country’s commitment to combating financial crime.
Celebrating Two Decades of Progress
This year marks MENAFATF’s 20th anniversary, a milestone that underscores the group’s sustained efforts to enhance financial integrity. Since its establishment in 2004, MENAFATF has grown to include 21 member countries and 18 observer nations. This expansive network plays a crucial role in addressing money laundering, terrorism financing, and proliferation financing challenges.
The UAE and Jordan: Pillars of Regional Collaboration
The UAE and Jordan have been integral to MENAFATF’s success, contributing significantly to the group’s objectives. Their leadership and active participation have bolstered the region’s ability to tackle financial crimes. As MENAFATF transitions into its next phase, both countries remain committed to advancing its mission and ensuring robust AML and CFT measures.
Conclusion: A United Front Against Financial Crimes
MENAFATF’s meeting in Jordan represents a critical step in strengthening the region’s defenses against financial crimes. By focusing on strategic priorities such as governance, international collaboration, and risk assessment, the group is well-positioned to achieve its ambitious goals. As MENAFATF enters its third decade, its leadership’s vision and dedication will undoubtedly shape a more secure financial future for the MENA region.
Related Links
- Financial Action Task Force (FATF)
- MENAFATF Official Website
- United Nations Office on Drugs and Crime (UNODC)
- UAE Financial Intelligence Unit
- Jordan Anti-Money Laundering Unit
- World Bank Anti-Money Laundering Initiatives
Other FinCrime Central Links about MENA initiatives
- Saudi Arabia hosts the 39th MENAFATF Meeting
- Oman’s Strengthened Measures Against Money Laundering: A Comprehensive Review
- Unveiling the FATF Plenary: A Powerful Step Forward in Combatting Financial Crime
- Key Takeaways from Complytek at the United Nation’s Capacity Building Regional CFT Workshop
Source: OneArabia
