A seminar on money laundering and terrorism financing was held in Aden.

A seminar focused on combating money laundering and terrorism financing took place today in Aden, the temporary capital of Yemen. The National Committee for Combating Money Laundering and Terrorism Financing organized the event in collaboration with the Ministry of Industry and Trade.

Key Participants and Discussions

The seminar featured prominent figures, including Minister of Industry and Trade Mohammed Al-Ashwal, his deputy Salem Al-Wali, and several ministry officials. Additionally, Abubakr Baabid, the head of the Aden Chamber of Commerce and Deputy President of the General Federation of Chambers of Commerce, attended alongside various business leaders and investors.

During the seminar, participants presented several working papers covering topics such as the “System for Combating Money Laundering and Terrorism Financing,” “International, Regional, and Local Frameworks for Combating Money Laundering and Terrorism Financing,” and “The Role of Public-Private Partnerships in Combating Money Laundering and Terrorism Financing.” The discussions also included an exchange of ideas and experiences, highlighting the challenges in creating a secure and sustainable business environment.

Importance of Raising Awareness

Minister Al-Ashwal emphasized the seminar’s significance, especially as risks associated with money laundering and terrorism financing continue to rise. He urged all stakeholders to enhance their understanding of the laws and regulations governing this area. Proper and effective implementation of these regulations is crucial to mitigating risks linked to suspicious financial activities.

Strengthening Public-Private Partnerships

Al-Ashwal stressed the need to strengthen partnerships between the public and private sectors. He called for the sharing of information and experiences to effectively tackle challenges. He noted that avoiding suspicious activities is a shared responsibility, urging everyone to be prepared to take on this responsibility. Achieving financial, commercial, and economic stability in the country requires creating a secure investment environment that protects investors’ interests and contributes to national economic growth.

Call for Compliance from Financial Institutions

The minister also urged all commercial banks and money exchange companies to adhere to the laws and regulations set forth by the Central Bank. Compliance is essential to curb the decline of the national currency, which directly impacts the living conditions of consumers.

Enhancing Coordination and Transparency

Abubakr Baabid highlighted the importance of communication and coordination between the Chamber of Commerce and government entities. He emphasized that the Chamber serves as a vital link between the private sector and government, ensuring that the private sector is informed about the necessary laws and regulations. This awareness is crucial for improving transparency and accountability. Baabid stated, “We live in a world characterized by rapid changes, making us more susceptible to evolving money laundering techniques. Therefore, we must enhance financial literacy and regulatory systems to protect our economy and institutions.”

Commitment from the Private Sector

Fahd Al-Sabahi, Executive Director of the National Committee for Combating Money Laundering and Terrorism Financing, underscored the importance of the private sector’s commitment to anti-money laundering measures and due diligence. He noted that these practices serve as the first line of defense against illicit financial activities, helping to identify and expose suspicious patterns. Moreover, institutional commitment not only enhances their ability to protect themselves but also contributes to building a safer and more transparent financial system, ultimately stabilizing the national economy.

 

To follow the news in Arabic