Efforts to combat money laundering and terror funding in the Middle East and North Africa came under the spotlight in Bahrain.

The Bahrain-based Middle East & North Africa Financial Action Task Force (MENAFATF) held its ninth plenary meeting at the Crowne Plaza Hotel to discuss progress and look at what actions were being taken by the 18 member countries in the fight against illegal financing.

'The Middle East and North Africa (Mena) states have legislated stringently to clamp down on these activities,' said MENAFATF executive secretary Adel Hamad Al Qulish.

Financial institutions, businesses and non-banking professions have become legally required to report dubious transactions by the organisation.

And special financial units have been set up to analyse reports on dubious transactions and submit reports and develop procedures to be enforced.

“MENAFATF has played a crucial role in combating money laundering and terror funding,” he said.

He described the organisation as a bridge linking the Mena countries to the external world in the global fight on money laundering and terror funding.

The Mena countries undertake a periodic assessment of procedures used in combating such criminal acts to ensure they are in line with international standards.

Eight member countries have so far published their review reports on the MENAFATF
website, including the UAE, Qatar and Yemen.

“This meeting provides crucial assistance to member countries to optimise their systems and enforce stringent laws in fighting money laundering and terror funding.”

MENAFATF is voluntary and co-operative in nature and is established by agreement between its members. It does not derive from an international treaty. It is independent of any other international body or organisation and sets its own work, rules and procedures.

Its work, rules, and procedures are determined by consensus between its members and they co-operate with other international bodies to achieve its objectives.-TradeArabia News Service