Hamid Saif Al Zaabi, President of the Middle East and North Africa Financial Action Task Force (MENAFATF), emphasized the importance of regional cooperation in combating financial crime and recovering criminal proceeds. Speaking at the 15th United Nations Congress on Crime Prevention and Criminal Justice in Abu Dhabi, Al Zaabi highlighted the need for coordinated national efforts and international cooperation to protect the financial system. He stressed that effective anti-money laundering and counter-terrorist financing systems depend on translating standards and evaluations into practical outcomes.
MENAFATF recognizes the differing risks, needs, and capabilities across the region and supports countries according to their priorities. This includes sharing expertise, building capacity, and linking national development efforts to shared regional objectives that strengthen the effectiveness and protection of financial systems. Al Zaabi explained that mutual evaluations provide an important means of identifying areas for improvement and setting priorities. MENAFATF's support extends to the periods before, during, and after evaluations, with technical assistance and capacity building directed towards areas requiring further development.
Al Zaabi noted that political will and coordination among national authorities are crucial in combating financial crime. He said that MENAFATF had worked directly with several countries this year, including Syria, Jordan, and Palestine, to support preparedness, capacity building, and risk assessment. The Group aims to continue this direct engagement with more countries in the period ahead. MENAFATF also works closely with the Financial Action Task Force (FATF) and other regional bodies to exchange expertise and strengthen cooperation on shared priorities.
The digital age has changed the nature and speed of fraud, with a single case potentially spanning several countries. Al Zaabi discussed plans to put forward a regional initiative to combat cross-border fraud under the UAE's presidency of MENAFATF. The initiative would focus on prevention and early warning, information sharing among authorities, banks, and digital platforms, rapid tracing of proceeds and virtual assets, and returning funds to victims.
Combating financial crime involves tracing, freezing, confiscating, and recovering criminal proceeds in accordance with legal procedures. Al Zaabi highlighted the role of MENA-ARIN, the asset recovery network for the Middle East and North Africa, in supporting direct contact and information sharing among competent authorities and accelerating cross-border cooperation.
MENAFATF aims to further strengthen the effectiveness of regional efforts, support the risk-based approach, build capacity, make use of technology, and deepen cooperation with the private sector and international partners. This will help uphold the integrity of the financial system and protect the economy and society. Al Zaabi concluded his remarks by emphasizing the importance of cooperation and coordination in combating financial crime.
The 15th United Nations Congress on Crime Prevention and Criminal Justice brought together international leaders and experts to discuss pressing issues in crime prevention and criminal justice. The congress provided a platform for MENAFATF to share its expertise and experiences in combating financial crime and to strengthen cooperation with other regional bodies and countries.
Key points
- Effective anti-money laundering systems rely on national, regional, and international cooperation.
- MENAFATF supports countries in building capacity and sharing expertise to combat financial crime.
- A regional initiative to combat cross-border fraud is being planned under the UAE's presidency of MENAFATF.
