The Middle East and North Africa Financial Action Task Force (MENAFATF) participated in the sixth International Olympiad on Financial Security, held in the Russian city of Krasnoyarsk.
Organised by Russia’s Federal Financial Monitoring Service from September 27 to October 2, the event brought together 700 students from 45 countries and marked MENAFATF’s first participation in the Olympiad, an Emirates News Agency (WAM) report said.
MENAFATF’s participation, led by its President, Hamid Saif Al Zaabi, forms part of its efforts to strengthen cooperation with the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG), support capacity building and the development of specialised expertise, and strengthen ties among institutions, universities, and research and training centres.
Shared priorities
On the sidelines of the Olympiad, Al Zaabi met with the Chair of the Eurasian Group and the Chair of the Eastern and Southern Africa Anti-Money Laundering Group to discuss shared priorities and key initiatives supporting the work of the global network. He also participated in a “Tree of Friendship” planting event attended by the Chair of the Eurasian Group.
The programme included the International Financial Security Forum, which focused on the risks and threats associated with the use of artificial intelligence in financial security, alongside panel discussions, interactive workshops, and meetings bringing students together with experts and representatives of supervisory authorities.
Al Zaabi also met with students from MENAFATF countries participating in the Olympiad and discussed their experiences and the benefits they gained from taking part, encouraging them to continue learning and deepen their knowledge of financial security.
Al Zaabi participated in a ceremony honouring outstanding students. In his keynote address at the closing ceremony, attended by Dmitry Chernyshenko, Deputy Prime Minister of the Russian Federation, he emphasised that capacity building and supporting the development of skilled professionals and technical experts are among the foremost priorities of the UAE’s MENAFATF presidency, reflecting the importance of investing in qualified personnel to build more efficient and effective national systems.
Training assessors and technical experts
He explained that this approach includes training assessors and technical experts, promoting the exchange of experience among practitioners, and strengthening institutions’ ability to keep pace with emerging risks, helping translate international standards into practical and sustainable outcomes.
He noted that artificial intelligence offers significant opportunities to improve analysis, detect suspicious activity and identify risks at an early stage. However, it may also contribute to making fraud more complex and widespread, requiring professionals who combine financial, legal and technological knowledge.
He said that investing in young talent and developing specialised expertise are essential to safeguarding the integrity of financial systems, as tackling sophisticated crime requires professionals who understand technology, use it responsibly and work effectively across sectors and borders.
Important role
He highlighted the important role of universities and research and training centres in supporting this approach, noting that MENAFATF launched its first Forum for Research and Training Centres during its 42nd Plenary Meeting in the Kingdom of Morocco. The forum aims to bring together academic and professional expertise and strengthen the contribution of knowledge and research to developing responses to financial risks.
Al Zaabi emphasised the importance of continued cooperation between MENAFATF, the Eurasian Group and partners within the global anti-money laundering and counter-terrorist financing network to share knowledge, anticipate risks and develop a more coordinated and effective international response.—TradeArabia News Service
