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Washington DC [US], April 18 (ANI/WAM): The Middle East and North Africa Financial Action Task Force (MENAFATF), chaired by Hamid Saif Al Zaabi, President of the Group, and with the participation of Sulaiman bin Rashid Al Jabrin, Executive Secretary, took part in the Ministerial Meeting of the Financial Action Task Force (FATF), held on the sidelines of the Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, DC.
According to the FATF Ministerial Statement, ministers stressed the importance of the full and swift implementation of international standards, enhancing international cooperation, and accelerating preventive measures, detection, investigation, and prosecution efforts, alongside asset recovery and the strengthening of national legal frameworks, to more effectively combat illicit finance. The statement noted that financial crimes, including fraud, organised crime, and illicit trafficking, represent a growing threat requiring a coordinated international response, particularly in light of rapid technological developments that facilitate cross-border financial flows. FATF ministers reaffirmed the importance of addressing illicit finance through coordinated, multilateral action, and agreed on the need to focus efforts on the growing threat of fraud, while enhancing the effective implementation of the FATF's risk-based standards. The Group's participation, for the first time in the Spring Meetings of the World Bank Group and the International Monetary Fund, comes within the framework of strengthening international coordination and the exchange of expertise in the fields of financial system integrity and combating financial crime. Hamid Saif Al Zaabi affirmed that MENAFATF's participation in this ministerial meeting represents an important milestone in strengthening its presence within the international framework, noting that the Group's first participation in the Spring Meetings achieved positive outcomes and contributed to enhancing coordination with international partners. He added that this participation reflects the commitment of the region's countries to enhancing the effectiveness of anti-money laundering, counter-terrorist financing, and counter-proliferation financing systems, and to keeping pace with international best practices, thereby supporting the stability and integrity of financial systems at both the regional and global levels. He further noted that the outcomes of the ministerial meeting reflect a growing international consensus on the importance of joint action to address evolving financial threats, particularly in light of the rapid developments in the patterns of financial crime. (ANI/WAM)
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