Members of the anti-money laundering and anti-terrorist financing organization, the Middle East and North Africa Financial Action Task Force, or MENAFATF, approved Libya's membership application Tuesday, MENAFATF President Abdulrahim Al Awadi said.
"The plenary of 17 members approved the application of Libya to be a member and the application of the World Customs Organization to be an observer member," Al Awadi told reporters in Fujeirah, United Arab Emirates.
Libya will become the 18th member state of the organization, which was set up in November 2004 and includes Saudi Arabia, Bahrain, Oman, Sudan, Iraq and Egypt. The U.S., U.K., France and Spain are observer members, as well as the International Monetary Fund and the World Bank. The U.A.E. currently holds the presidency.
The U.A.E., which is keen to expand membership, also proposed that Djbouti, Comoros Islands, Seychelles and Maldives become members. The proposal is still being studied by member states.
Al Awadi added that the taskforce will meet next in Bahrain, which takes over the presidency of the organization in May 2009.
He also said that the global credit crisis won't draw attention away from fighting money laundering and terrorist financing.
"Members reiterate the financial crisis should not affect progress and, on the contrary, will add resolve to progress," Al Awadi said.
Source: Zawya
Showing posts with label MENA. Show all posts
Showing posts with label MENA. Show all posts
on Tuesday, May 15, 2012
By Omar Al-Halabi (with photos)
Although Lebanon is not a money-laundering base, it had to take strict procedures after it was listed among non-cooperating counties by a financial action task force on money laundering in 2000.
To be removed from the list in 2002, Lebanon took several steps including issue of law 318/2001 that helps banks avoid being abused as media for money laundering.
Secretary of the investigation authority Mohammad Baaresi told KUNA Tuesday that the authority, established in 2001 and headed by the governor of Lebanon's Central Bank, played a major role in discovering and combating money laundering operations.
He emphasized that law 318 does not violate the confidentiality of banks and noted that there are about 200 cases suspected to be money laundering and terrorism financing every year in Lebanon.
Lebanon played a major role in the establishment of Middle East and North Africa Financial Action Task Force (MENAFATF), headquartered in Bahrain, he noted.
Money laundering is the practice of engaging in financial transactions in order to conceal the source of money gained from illegal acts like drug trading and funds from such origin are often used to finance acts of terrorism, prompting much concern and calls for counter-measures across the globe recently.
Source: Zawya
Although Lebanon is not a money-laundering base, it had to take strict procedures after it was listed among non-cooperating counties by a financial action task force on money laundering in 2000.
To be removed from the list in 2002, Lebanon took several steps including issue of law 318/2001 that helps banks avoid being abused as media for money laundering.
Secretary of the investigation authority Mohammad Baaresi told KUNA Tuesday that the authority, established in 2001 and headed by the governor of Lebanon's Central Bank, played a major role in discovering and combating money laundering operations.
He emphasized that law 318 does not violate the confidentiality of banks and noted that there are about 200 cases suspected to be money laundering and terrorism financing every year in Lebanon.
Lebanon played a major role in the establishment of Middle East and North Africa Financial Action Task Force (MENAFATF), headquartered in Bahrain, he noted.
Money laundering is the practice of engaging in financial transactions in order to conceal the source of money gained from illegal acts like drug trading and funds from such origin are often used to finance acts of terrorism, prompting much concern and calls for counter-measures across the globe recently.
Source: Zawya
on Thursday, May 10, 2012
Money laundering and financing of terrorism have seen drastic transformations by use of modern technology, producing therefore new challenges, UAE Central Bank governor admitted today.
''We should realise that abuse of modern technology by criminals and terrorists is possible ....we believe exchange of information in this regards will bolster joint efforts and provide a better ground for work,'' Sultan Nasser Al Suweidi said at the opening of the 8th meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF) which hosted by Fujairah today.
Al Suweidi, also Chairman of the National Anti-Money Laundering Committee, affirmed that :'' The key to win this battle lies with the decisive role the MENAFATF can play in raising the bar of awareness on these issues in the region.
According to him, the UAE has laid down a powerful legal, regulatory and institutional framework to fight money laundering financing of terrorism.
The meeting, he said, would discuss among other topics a proposal to establish a fund for training and technical assistance.
Source: WAM
''We should realise that abuse of modern technology by criminals and terrorists is possible ....we believe exchange of information in this regards will bolster joint efforts and provide a better ground for work,'' Sultan Nasser Al Suweidi said at the opening of the 8th meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF) which hosted by Fujairah today.
Al Suweidi, also Chairman of the National Anti-Money Laundering Committee, affirmed that :'' The key to win this battle lies with the decisive role the MENAFATF can play in raising the bar of awareness on these issues in the region.
According to him, the UAE has laid down a powerful legal, regulatory and institutional framework to fight money laundering financing of terrorism.
The meeting, he said, would discuss among other topics a proposal to establish a fund for training and technical assistance.
Source: WAM
on Monday, May 7, 2012
A report just issued by the International Monetary Fund (IMF) has given Qatar a clean bill of health stating there is no terrorism financing and minimal money laundering taking place in the country, if at all.
The review of Qatar's anti-money laundering and combating the financing of terrorism (AML/CFT) framework drew a positive reaction from H E Sheikh Fahad bin Faisal Al Thani, Qatar Central Bank (QCB) Deputy Governor and Chairman of the National Anti Money Laundering and Terrorist Financing Committee.
The report, adopted by the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF), followed a detailed review of Qatar's AML/CFT framework and revealed Qatar has made significant progress since the previous AML/CFT report adopted by FATF in June 2002.
Qatar has taken a number of important steps since 2002, including issuing laws and regulations to establish the AML/CFT legal and institutional framework, becoming active members in regional and international organisations and acceding to relevant international conventions and treaties
Sheikh Fahad noted the report contains a number of important recommendations to improve Qatar's AML/CFT framework and confirmed that Qatari authorities are actively implementing measures to address these recommendations in order to ensure ongoing compliance with the FATF's Forty Recommendations and Nine Special Recommendations on Terrorist Financing.
He said authorities here are acutely aware of the risks attendant on a rapidly-growing financial sector and safeguarding against money laundering and terrorist financing requires constant vigilance and a comprehensive national strategy. He also expressed confidence Qatar is equipped to ensure these safeguards remain in place and reiterated the important role of the National Anti-Money Laundering and Terrorism Financing Committee pledged to coordinate its partners within the government, the regulatory community and the financial services sector,and to closely monitor this area, to ensure that Qatar continues to develop a robust AML/CFT framework that meets international standards.
Sheikh Fahad said: "Qatar is committed to implementing measures to ensure ongoing compliance with the FATF's Forty Recommendations and Nine Special Recommendations on Terrorist Financing and to safeguarding Qatar's growing reputation as a world-class financial centre operating in line with the highest international standards."
He said: "We recognise the risks posed by money laundering and terrorist financing activity and we accept that tackling these complex issues will require constant vigilance and effective co-ordination. I am confident that, here in Qatar, we are positioned to unite the efforts of all interested parties to guard against these risks and to ensure the stability, transparency and security of our financial systems. Qatar is in a strong position to meet this commitment, particularly taking into account the IMF's findings that there is no evidence of significant money laundering activity in Qatar and that Qatar has one of the lowest levels of corruption in the region."
Qatar has developed a comprehensive institutional AML/CFT framework with the establishment of the National Anti-Money Laundering and Terrorism Financing Committee (NAMLC), the National Committee for Fighting Terrorism (NCT) and the Financial Information Unit, which has been an active member of the Egmont Group since 2005.
Source: The Peninsula
The review of Qatar's anti-money laundering and combating the financing of terrorism (AML/CFT) framework drew a positive reaction from H E Sheikh Fahad bin Faisal Al Thani, Qatar Central Bank (QCB) Deputy Governor and Chairman of the National Anti Money Laundering and Terrorist Financing Committee.
The report, adopted by the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF), followed a detailed review of Qatar's AML/CFT framework and revealed Qatar has made significant progress since the previous AML/CFT report adopted by FATF in June 2002.
Qatar has taken a number of important steps since 2002, including issuing laws and regulations to establish the AML/CFT legal and institutional framework, becoming active members in regional and international organisations and acceding to relevant international conventions and treaties
Sheikh Fahad noted the report contains a number of important recommendations to improve Qatar's AML/CFT framework and confirmed that Qatari authorities are actively implementing measures to address these recommendations in order to ensure ongoing compliance with the FATF's Forty Recommendations and Nine Special Recommendations on Terrorist Financing.
He said authorities here are acutely aware of the risks attendant on a rapidly-growing financial sector and safeguarding against money laundering and terrorist financing requires constant vigilance and a comprehensive national strategy. He also expressed confidence Qatar is equipped to ensure these safeguards remain in place and reiterated the important role of the National Anti-Money Laundering and Terrorism Financing Committee pledged to coordinate its partners within the government, the regulatory community and the financial services sector,and to closely monitor this area, to ensure that Qatar continues to develop a robust AML/CFT framework that meets international standards.
Sheikh Fahad said: "Qatar is committed to implementing measures to ensure ongoing compliance with the FATF's Forty Recommendations and Nine Special Recommendations on Terrorist Financing and to safeguarding Qatar's growing reputation as a world-class financial centre operating in line with the highest international standards."
He said: "We recognise the risks posed by money laundering and terrorist financing activity and we accept that tackling these complex issues will require constant vigilance and effective co-ordination. I am confident that, here in Qatar, we are positioned to unite the efforts of all interested parties to guard against these risks and to ensure the stability, transparency and security of our financial systems. Qatar is in a strong position to meet this commitment, particularly taking into account the IMF's findings that there is no evidence of significant money laundering activity in Qatar and that Qatar has one of the lowest levels of corruption in the region."
Qatar has developed a comprehensive institutional AML/CFT framework with the establishment of the National Anti-Money Laundering and Terrorism Financing Committee (NAMLC), the National Committee for Fighting Terrorism (NCT) and the Financial Information Unit, which has been an active member of the Egmont Group since 2005.
Source: The Peninsula
Most Arab countries have made considerable strides in the past few years in combating money-laundering, according to the Chairman of US-Middle East and North Africa (MENA) Private Sector Dialogue.
"Arab countries have come a long way in the last five or seven years in terms of regulations in the private banking sector. Banks have put a lot of controls in place to safeguard against money launderers and offenders and have also invested a lot of money, technology and human resources for that," Muhammad Baasiri (pictured) told reporters here yesterday.
He said that the Arab world is not lagging behind in terms of new technologies and regulators have to keep pace, the first vehicle being for countries to be politically committed to combat money laundering and terrorist financing.
There is a great interest and keenness in having all the defense mechanisms in place against money launderers in this part of the world, said Baasiri who is also Secretary of Special Investigation Commission Fighting Money Laundering at Banque du Liban.
He is here taking part in the MENA Financial Regulators' Training Initiative's 5th Consultative Group meeting.
He said the objectives of MENA Financial Regulators' Initiative is to raise awareness among Arab banking supervisors on bank supervision and to give them a chance to learn about the latest techniques in the field.
"We bring US style training courses and trainers to this part of the world and we also hold seminars in different parts of the Arab world," Baasiri said.
Baasiri pointed out that the main issue is for supervisors to be aware of the kind of risks involved in doing banking and finding ways to mitigate and manage these risks.
http://www.thepeninsulaqatar.com/Display_news.asp?section=Business_News&subsection=Local+Business&month=January2008&file=Business_News2008010715932.xml
"Arab countries have come a long way in the last five or seven years in terms of regulations in the private banking sector. Banks have put a lot of controls in place to safeguard against money launderers and offenders and have also invested a lot of money, technology and human resources for that," Muhammad Baasiri (pictured) told reporters here yesterday.
He said that the Arab world is not lagging behind in terms of new technologies and regulators have to keep pace, the first vehicle being for countries to be politically committed to combat money laundering and terrorist financing.
There is a great interest and keenness in having all the defense mechanisms in place against money launderers in this part of the world, said Baasiri who is also Secretary of Special Investigation Commission Fighting Money Laundering at Banque du Liban.
He is here taking part in the MENA Financial Regulators' Training Initiative's 5th Consultative Group meeting.
He said the objectives of MENA Financial Regulators' Initiative is to raise awareness among Arab banking supervisors on bank supervision and to give them a chance to learn about the latest techniques in the field.
"We bring US style training courses and trainers to this part of the world and we also hold seminars in different parts of the Arab world," Baasiri said.
Baasiri pointed out that the main issue is for supervisors to be aware of the kind of risks involved in doing banking and finding ways to mitigate and manage these risks.
http://www.thepeninsulaqatar.com/Display_news.asp?section=Business_News&subsection=Local+Business&month=January2008&file=Business_News2008010715932.xml
on Friday, January 5, 2007
Khaleej Times - 31/12/2006
(MENAFN - Khaleej Times) DUBAI — Praising the Middle East countries for the progress made in anti-money laundering (AML) initiatives, the US government urged the private sector in the region to increase their vigilance on this illegal activity that accounts for almost five per cent of the world's gross domestic product or $1.5 trillion per annum.
Stuart Levey, US Under Secretary for Terrorism and Financial Intelligence, said the Middle East and North African region has made significant progress as several countries have made strides in developing and implementing anti-money laundering and terrorist financing regimes. "However, we need to build on these successes by ensuring the infrastructure and expertise to maintain and develop such systems."
The US official said anti-money laundering initiatives in the Middle East and North Africa are at a cross-roads. "The business and policy decisions made by government regulators and financial institutions in the region will play a crucial role in protecting the world's financial system from abuse."
Levey said the creation of the MENA-FATF (Middle East/North Africa Financial Action Task Force) and the commitment of its members to work towards compliance with the comprehensive set of international standards is another important achievement. "The work of that organisation will translate into stronger controls, greater transparency in the financial system, and, in turn, a more attractive venue for business." Money laundering activities as estimated by IMF accounts for between two and five per cent of the world's gross domestic product or roughly between $590 billion and $1.5 trillion per annum. "This level of criminal usage threatens the reputation of national financial systems and subsequently hinders a country's acceptance into the global economy. In specific, the booming financial markets within the Middle East region are not secure from such threats."
He noted that with the formation of MENA FATF, respective national economies within the region are vigorously incorporating anti-money laundering procedures into their compliance strategies. "In such countries, the obstacles for international trade could prove to be quite challenging. Thus, a completely new mindset and approach is required when dealing with various institutions within the region."
The MENA FATF was launched on November 30, 2004 following a meeting attended by 14 Arab states from the MENA region.
US officials said one of the most important advances made within governments around the world is the new role being played by officials with responsibility for the global financial system. "Counter-terrorism and security policy has traditionally been the responsibility of foreign ministries, defence officials, law enforcement bureaus and intelligence agencies, rather than finance ministers and central bankers. Yet today, we are seeing finance officials working side-by-side with officials in security ministries to meet the government's first responsibility: ensuring the safety of its citizens."
Levey said more and more officials in finance ministries and central banks around the world recognise that it is not enough to stimulate investment, promote open markets and so forth. "For our economic efforts to succeed, for us all to reap the benefits of the global financial system, we must keep it secure from those who threaten its integrity," he said while addressing the recent US-MENA Private Sector Dialogue on Combating Money Laundering and Terrorist Financing in New York.
He said finance ministries and central banks must develop and implement effective programmes to combat these threats, including targeted financial sanctions regimes. "We must monitor the financial activities of known terrorists and proliferators and prohibit their access - and that of their support networks - to the financial system. We must also go beyond simply designating individuals and entities that have been named by UN and proactively identify terrorist supporters that threaten our societies, hold them publicly accountable, isolate them financially and commercially, and ensure that all of their activities, whether seemingly legitimate or illicit, are shut down."
"Over the past two years, we have learned a number of lessons about how best to use financial tools to apply financial pressure and isolate terrorists, proliferators, and others whose goal it is to undermine our security. As a result, we are relying more and more on what we call "targeted" measures, aimed at specific actors engaged in illicit conduct. And, as I will describe, we are working in greater partnership with the private sector. Rather than fighting against their interests and tendencies, we have found a way to form somewhat of a natural alliance," Levey said.
He said when it comes to targeted measures aimed at specific actors and entities that seek to exploit the financial system, "we share common interests and objectives with the private financial community. As governments, we have a responsibility to promote these partnerships with the private sector and provide you with the information you need to help protect the financial system from abuse. Such a partnership allows banks to make informed decisions about the business they choose to do and the business they choose to avoid."
Levey said the US is working hard to develop and enhance ways to share this type of information with the private sector so that financial institutions and others are able to apply their resources and controls effectively. "We are also working to better assist the sector in reporting the critical information required to advance our international security interests."
R. Seetharaman, Deputy CEO, Doha Bank, delivering the keynote address on "Anti-Money Laundering and Combating Financing of Terrorism — GCC Perspective", elaborated on key drivers, which are converting the world into a global village. He said: "While globalisation, consumerism, deregulation and technology are making the world extremely competitive and efficient, even the evil activities have become equally efficient and sophisticated. It is extremely important to realise this and tackle it at global scale. Today money laundering and terror financing is the biggest danger facing the world threatening to damage global peace, harmony and stability. This evil has strong potential to channelise the youth power towards self destruction and destruction of society fabric. Today it is estimated that huge amount of money estimated in trillions is laundered. This needs to be tackled with iron hand."
He said the GCC banking sector has come a long way maturing into a stable financial system. It has progressed well towards implementation of Basel II compliance, much more advanced stage than many developed countries. "Corporate governance environment in GCC is getting evolved and is taken with lot of interest and sincerity. Considering GCC demography, we need to realise that over a period of time, various informal system of remittance came into being, providing convenience to migrant workers. A good majority of migrant workers do not have access to banking in remote locations in their home countries where they need to remit small amounts to take care of family needs."
"This has given rise to non-banking remittance companies, which has been vary useful to poor workers. MENA FATF, duly recognising the regional issues had created a very good beginning by having detailed study of region specific financial transactions which were hitherto not under strict supervision. Steps have since been taken to integrate all forms of financial movements into banking system for proper monitoring and FATF compliance."
Speaking about Qatar's participation in AML drive, Seetharaman said: "Qatar has been a proactive member from the beginning. It has been a regular participant in various international conventions and forums. It has promulgated specific laws for tackling money laundering as well as terrorism financing. Qatar has also established a financial information unit to enhance international cooperation in tracking."
"We can say that while lot needs to be done at international as well as regional level, the GCC states have been showing absolute commitment and sincerity in combating this evil. Various steps include enhancing international cooperation, promulgating appropriate laws, global financial intelligence cooperation, clamp down on terror groups, freezing of assets, technology based monitoring and proactive central bank participation in educating, upgrading and monitoring. All these will go a long way in successfully handling the menace."
http://www.menafn.com/qn_news_story_s.asp?StoryId=1093137736
(MENAFN - Khaleej Times) DUBAI — Praising the Middle East countries for the progress made in anti-money laundering (AML) initiatives, the US government urged the private sector in the region to increase their vigilance on this illegal activity that accounts for almost five per cent of the world's gross domestic product or $1.5 trillion per annum.
Stuart Levey, US Under Secretary for Terrorism and Financial Intelligence, said the Middle East and North African region has made significant progress as several countries have made strides in developing and implementing anti-money laundering and terrorist financing regimes. "However, we need to build on these successes by ensuring the infrastructure and expertise to maintain and develop such systems."
The US official said anti-money laundering initiatives in the Middle East and North Africa are at a cross-roads. "The business and policy decisions made by government regulators and financial institutions in the region will play a crucial role in protecting the world's financial system from abuse."
Levey said the creation of the MENA-FATF (Middle East/North Africa Financial Action Task Force) and the commitment of its members to work towards compliance with the comprehensive set of international standards is another important achievement. "The work of that organisation will translate into stronger controls, greater transparency in the financial system, and, in turn, a more attractive venue for business." Money laundering activities as estimated by IMF accounts for between two and five per cent of the world's gross domestic product or roughly between $590 billion and $1.5 trillion per annum. "This level of criminal usage threatens the reputation of national financial systems and subsequently hinders a country's acceptance into the global economy. In specific, the booming financial markets within the Middle East region are not secure from such threats."
He noted that with the formation of MENA FATF, respective national economies within the region are vigorously incorporating anti-money laundering procedures into their compliance strategies. "In such countries, the obstacles for international trade could prove to be quite challenging. Thus, a completely new mindset and approach is required when dealing with various institutions within the region."
The MENA FATF was launched on November 30, 2004 following a meeting attended by 14 Arab states from the MENA region.
US officials said one of the most important advances made within governments around the world is the new role being played by officials with responsibility for the global financial system. "Counter-terrorism and security policy has traditionally been the responsibility of foreign ministries, defence officials, law enforcement bureaus and intelligence agencies, rather than finance ministers and central bankers. Yet today, we are seeing finance officials working side-by-side with officials in security ministries to meet the government's first responsibility: ensuring the safety of its citizens."
Levey said more and more officials in finance ministries and central banks around the world recognise that it is not enough to stimulate investment, promote open markets and so forth. "For our economic efforts to succeed, for us all to reap the benefits of the global financial system, we must keep it secure from those who threaten its integrity," he said while addressing the recent US-MENA Private Sector Dialogue on Combating Money Laundering and Terrorist Financing in New York.
He said finance ministries and central banks must develop and implement effective programmes to combat these threats, including targeted financial sanctions regimes. "We must monitor the financial activities of known terrorists and proliferators and prohibit their access - and that of their support networks - to the financial system. We must also go beyond simply designating individuals and entities that have been named by UN and proactively identify terrorist supporters that threaten our societies, hold them publicly accountable, isolate them financially and commercially, and ensure that all of their activities, whether seemingly legitimate or illicit, are shut down."
"Over the past two years, we have learned a number of lessons about how best to use financial tools to apply financial pressure and isolate terrorists, proliferators, and others whose goal it is to undermine our security. As a result, we are relying more and more on what we call "targeted" measures, aimed at specific actors engaged in illicit conduct. And, as I will describe, we are working in greater partnership with the private sector. Rather than fighting against their interests and tendencies, we have found a way to form somewhat of a natural alliance," Levey said.
He said when it comes to targeted measures aimed at specific actors and entities that seek to exploit the financial system, "we share common interests and objectives with the private financial community. As governments, we have a responsibility to promote these partnerships with the private sector and provide you with the information you need to help protect the financial system from abuse. Such a partnership allows banks to make informed decisions about the business they choose to do and the business they choose to avoid."
Levey said the US is working hard to develop and enhance ways to share this type of information with the private sector so that financial institutions and others are able to apply their resources and controls effectively. "We are also working to better assist the sector in reporting the critical information required to advance our international security interests."
R. Seetharaman, Deputy CEO, Doha Bank, delivering the keynote address on "Anti-Money Laundering and Combating Financing of Terrorism — GCC Perspective", elaborated on key drivers, which are converting the world into a global village. He said: "While globalisation, consumerism, deregulation and technology are making the world extremely competitive and efficient, even the evil activities have become equally efficient and sophisticated. It is extremely important to realise this and tackle it at global scale. Today money laundering and terror financing is the biggest danger facing the world threatening to damage global peace, harmony and stability. This evil has strong potential to channelise the youth power towards self destruction and destruction of society fabric. Today it is estimated that huge amount of money estimated in trillions is laundered. This needs to be tackled with iron hand."
He said the GCC banking sector has come a long way maturing into a stable financial system. It has progressed well towards implementation of Basel II compliance, much more advanced stage than many developed countries. "Corporate governance environment in GCC is getting evolved and is taken with lot of interest and sincerity. Considering GCC demography, we need to realise that over a period of time, various informal system of remittance came into being, providing convenience to migrant workers. A good majority of migrant workers do not have access to banking in remote locations in their home countries where they need to remit small amounts to take care of family needs."
"This has given rise to non-banking remittance companies, which has been vary useful to poor workers. MENA FATF, duly recognising the regional issues had created a very good beginning by having detailed study of region specific financial transactions which were hitherto not under strict supervision. Steps have since been taken to integrate all forms of financial movements into banking system for proper monitoring and FATF compliance."
Speaking about Qatar's participation in AML drive, Seetharaman said: "Qatar has been a proactive member from the beginning. It has been a regular participant in various international conventions and forums. It has promulgated specific laws for tackling money laundering as well as terrorism financing. Qatar has also established a financial information unit to enhance international cooperation in tracking."
"We can say that while lot needs to be done at international as well as regional level, the GCC states have been showing absolute commitment and sincerity in combating this evil. Various steps include enhancing international cooperation, promulgating appropriate laws, global financial intelligence cooperation, clamp down on terror groups, freezing of assets, technology based monitoring and proactive central bank participation in educating, upgrading and monitoring. All these will go a long way in successfully handling the menace."
http://www.menafn.com/qn_news_story_s.asp?StoryId=1093137736
on Sunday, December 10, 2006
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.
http://www.gulfbase.com/site/interface/NewsArchiveDetails.aspx?n=33863
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.
http://www.gulfbase.com/site/interface/NewsArchiveDetails.aspx?n=33863
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