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On EAG participation in the 38th MENAFATF Plenary Meeting

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On EAG participation in the 38th MENAFATF Plenary Meeting
 

  • 27 May, 2024

    The 38th Plenary of the Middle East and North Africa Financial Action Task Force (MENAFATF), which was held in the city of Manama in the Kingdom of Bahrain, was concluded on Thursday May 23, 2024.

    The Plenary was chaired by His Excellency Mr. Hani Muhammad Wahab – President of the MENAFATF, Deputy Minister of Finance and Chairman of the National Committee for Combating Money Laundering and Terrorist Financing in the Republic of Yemen. The meeting witnessed the presence of heads of delegations, experts on combating money laundering, terrorist financing and financing of proliferation from member states, in addition to experts from observer states and concerned international bodies.

    During the Plenary, the reappoint MENAFATF Executive Secretary, Mr. Suliman Aljabrin, was approved for a second period. The Plenary also discussed and approved the mutual assessment report of the Republic of Iraq in the field of combating money laundering, terrorist financing and proliferation, and a number of enhanced follow-up reports for the Arab Republic of Egypt, the People’s Democratic Republic of Algeria, and the Kingdom of Morocco, which demonstrated the progress achieved in rerating the technical compliance levels in some areas of the 40 recommendations issued by the Financial Action Task Force (FATF).

    The Plenary also discussed the areas of technical assistance and training, the latest patterns and methods of money laundering and terrorist financing, the most prominent terrorist financing risks, especially through the exploitation of new technologies, the regional assessment of money laundering and terrorist financing risks project, member states’ accession to the Egmont Group, and the proposal to establish an inter-agency network, for the Middle East and North Africa region for asset targeting and recovery “MENA ARIN”.

    In the meeting the EAG Secretariat presented the methodology of regional risk assessment in EAG. MENAFATF Member States positively assessed the experience of the Eurasian Group's Member States and expressed interest in using it in their own assessment.

    The President of MENAFATF honored the member states and observers who contributed to hosting and organizing the training events for the year 2023, and thanked member states and observers for their presence and interaction in the Plenary and praised the efforts made by the Executive Secretary and the Secretariat in making the event a success.

    It is worth noting that the 39th Plenary of MENAFATF will be hosted by the Kingdom of Saudi Arabia in November 2024.

     

    EAG Secretariat

     

    MENAFATF press-release