06/Dec/2006
Gulf Daily News
Bahrain has won high praise for its efforts in combating money laundering and terrorist financing.
The praise came from delegates attending the Middle East and North Africa Financial Action Task Force (MENAFATF) meeting in the UAE.
The meeting was attended by about 120 experts from MENAFATF member countries, including Jordan, UAE, Bahrain, Tunisia, Algeria, Saudi Arabia, Sudan, Syria, Morocco, Mauritania and Yemen.
It was also attended by representatives from observer members, namely Palestine, France, UK, USA, IMF, World Bank, GCC General Secretariat, FATF, United Nations Office on Drugs and Crime and the Egmont Group.
Bahrains delegation to the meeting was led by the Central Bank of Bahrain deputy governor Anwar Khalifa Al Sadah, who is also chairman of Bahrains Policy Committee for the Prohibition and Combating of Money Laundering and Terrorist Financing.
A key highlight of the meeting was the assessment of anti-money laundering and combating financial terrorism (AML/CFT) efforts in Bahrain.
The assessment of AML/CFT efforts in Bahrain was based on the countrys Financial Sector Assessment Programme (FSAP) report, issued by the IMF earlier this year.
The meeting commended Bahrain for its achievements in the area of AML/CFT and praised the government for its commitment to implement the FATF Recommendations.
The IMF delegation head Joy Smallwood thanked Bahrain government for its many initiatives and achievements in combating money laundering and financial crime.
She said Bahrain was a model for other countries in the MENA region.
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