Hani Wahab, the Deputy Minister of Finance and Chair of the Middle East and North Africa Financial Action Task Force (MENAFATF), participated in the conclusion of the Financial Action Task Force (FATF) plenary meeting. This significant event took place at the headquarters of the Organisation for Economic Co-operation and Development (OECD) in Paris, France.
Key Discussions on Financial Crime
The meeting attracted over 200 participants, representing global network members and monitoring organizations. Notable attendees included representatives from the International Monetary Fund (IMF), the United Nations, the World Bank, Interpol, and the Egmont Group of Financial Intelligence Units. Participants discussed critical issues related to combating illicit financial flows that fuel crime and terrorism, undermining peace and sustainable economic growth.
Focus on Financial Inclusion and Risk-Based Approaches
One of the primary topics addressed was the importance of enhancing financial inclusion and adopting a risk-based approach. This strategy aims to provide guidelines for countries to understand the specific money laundering risks they face. By identifying these risks, nations can implement effective measures to mitigate them. The meeting also included discussions on mutual evaluation reports assessing various countries’ efforts to combat money laundering and terrorist financing. Additionally, participants reviewed the progress made by certain nations deemed high-risk to the financial system.
Upcoming MENAFATF Meeting in Yemen
On the sidelines of the FATF meeting, Hani Wahab engaged in discussions with the FATF Chair regarding MENAFATF-related issues. They also addressed the upcoming MENAFATF plenary meeting scheduled to take place in Yemen in mid-November. This meeting will serve as a platform to further strengthen regional cooperation in combating financial crimes.
The FATF meeting in Paris underscored the global commitment to address financial crime and enhance cooperation among nations. As MENAFATF prepares for its upcoming meeting in Yemen, the focus remains on fostering financial integrity and security in the region.
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