During the MENAFATF meeting. Adoption of Abu Dhabi Recommendations to Enhance Anti-Money Laundering and Combating the Financing of Terrorism Regulations

Abu Dhabi's recommendations are a significant step towards the adoption of best practices at the regional level. WAM

The Middle East and North Africa Financial Action Task Force (MENAFATF) yesterday adopted Abu Dhabi's recommendations on regional best practices to combat financial crime.

Abu Dhabi's recommendations include 24 best practice commitments by MENA Financial Action Task Force (MENAFATF) member states to strengthen regional efforts in combating financial crime.

The recommendations were agreed upon at the conclusion of the Group's Applications and Capacity Building Workshop, which was hosted by the Executive Office for Anti-Money Laundering and Terrorist Financing in Abu Dhabi from the sixth to the eighth of March 2023 under the patronage of His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and Chairman of the Supreme Committee for Supervising the National Strategy for Combating Money Laundering and Terrorist Financing.

The Director General of the Executive Office for Anti-Money Laundering and Terrorist Financing, Hamed Al Zaabi, pointed out that "Abu Dhabi's recommendations constitute a remarkable step towards the adoption of best practices at the regional level."

Abu Dhabi's recommendations include about 24 commitments to best practices by MENAFATF member states, most notably:

1. Establish committees or task forces specialized in public-private partnership to strengthen the anti-money laundering and terrorist financing system.

2. Establish clear legal frameworks for the exchange of information between the public and private sectors.

3. Urge the use of methods and patterns associated with money laundering and terrorist financing crimes presented by Member States.

4. Urge Member States to participate in the MENA Regional AML/CFT Risk Assessment.

5. The countries of the Group activate their efforts to give priority to the issue of asset recovery, and strengthen the frameworks of cooperation among them in this field, in line with international standards.

6. Make efforts to increase transparency among legal persons, including the subject of the ultimate beneficial owner.