The adoption of the 2010 Law implemented the best international practice and, following Qatar's most recent report to MENAFATF
, Qatar's significant actions confirmed its progress and its advancement to MENAFATF
's standard evaluation process.
Speakers highlighted the importance of the Mutual Evaluation program as the main mechanism by which the MENAFATF
assess the Anti Money Laundering/Counter the Financing of Terrorism regimes of its member countries in implementing the FATF AML/CFT standards.
Eight member countries have so far published their review reports on the MENAFATF
website, including the UAE, Qatar and Yemen.
has contributed to enhancing capabilities and skills of officials at region's bodies tasked with combating money laundering the terrorism financing, Advisor at Oman's Ministry of Finance, and NCCMLTF member Abdul Malik bin Abdullah Al Hinai told the opening session.
Abdulmalik bin Abdullah al-Hinai, Adviser at the Ministry of Finance, Deputy Chairman of the NC-CMLTF said MENAFATF
has contributed to enhancing capabilities and skills of officials at the region's agencies tasked with combating money laundering the terrorism financing.
They urged MENAFATF
member countries to exchange experiences in combating money laundering and terror financing through appropriate mechanisms and to encourage other states to create appropriate instruments to deal with seized items suspected to have relations with these crimes.
The team includes representatives from Syria, Tunisia, Algeria, Saudi Arabia, Kuwait, Egypt, the International Monitory Fund, The World Bank and MENAFATF
Abdul Rahman Al-Khalaf, deputy governor for technical affairs, said the meeting came at a time when MENAFATF
was about to complete the first phase of a review of joint efforts to combat money laundering.
Addressing the opening session of the gathering, MENAFATF
It included a number of themes the most important of which is the national comprehensive plan that aim at enhancing anti money laundering and terrorism finance systems, taking parts at the MENAFATF
and IMF workshops to enhance expertise in this field.
It is worth mentioning that the Sultanate is one of the founding members of MENAFATF
in December 2004 as it comprises 18 countries and a number of observer states and international organizations.
Specifically, Egypt should work to increase the number of successful money laundering investigations and prosecutions and improve its enforcement of cross-border currency controls, including by providing training on coordinating and conducting complex financial investigations and by enhancing coordination with regional and MENAFATF