Saudi Press

Saudi Arabia and the world
Tuesday, May 21, 2024

Arab Anti-Corruption Agencies and Financial Intelligence Units Discuss Targeting Illicit Financial Networks: Global Experts Share Best Practices and Technologies

Arab Anti-Corruption Agencies and Financial Intelligence Units Discuss Targeting Illicit Financial Networks: Global Experts Share Best Practices and Technologies

The Arab Forum for Anti-Corruption Agencies and Financial Intelligence Units took place in Riyadh, Saudi Arabia, from Wednesday.
The event, hosted by Saudi Arabia's Presidency of State Security, focused on targeting illicit financial networks and improving institutional frameworks and joint coordination between multiple parties.

Global speakers included Jawhar Nfissi from Morocco's National Financial Intelligence Authority, Daniel Glaser from K2 Integrity, Elzbieta Frankow-Jaskiewicz from the Egmont Group of Financial Intelligence Units, Suliman Aljabrin from the Middle East and North Africa Financial Action Task Force in Bahrain, Khadija Ali from the Financial Investigation Unit of the Republic of Comoros, and Mohamed Allal Al-Kahil from Mauritania's Financial Prohibition Unit.

Saudi Arabia is focused on upholding the rule of law, promoting fair competition, and ensuring security and prosperity through efforts against money laundering and terrorism financing.

Local entities are working to align their legal frameworks with the Kingdom's Anti-Money Laundering Permanent Committee's requirements.

Elzbieta Frankow-Jaskiewicz, interim chair of the Egmont Group of Financial Intelligence Units, discussed their role in combating illicit financial networks.

The Egmont Group, which collaborates with various international organizations, is crucial to the global CFT regime due to its work in information-sharing and secure channels for exchanging information.

The Financial Intelligence Unit (FIU) of the Republic of Comoros, headed by Khadija Ali, has improved its operational effectiveness through the use of typologies developed over the past three years.

Egmont Center, an international network of FIUs, has assisted Comoros with constructing a new learning platform and providing technical support.

With over 7,000 registered users and 2,011 courses, the FIU can effectively respond to suspicious transaction reports.

When receiving a report, Comoros requires the submission of the suspicious transaction file and may report to the prosecution.

The country also collaborates with banks, attorneys, notaries, jewelers, anti-corruption advocates, and other subject persons to combat financial crimes.

The Comorian government is taking steps to combat corruption and money laundering by enacting a new anti-corruption law and hiring modern experts.

They have a system in place to fight money laundering and terrorism funding at the national level.

Suliman Aljabrin, from the MENA financial action taskforce in Bahrain, praised the government's dedication and noted that the banking industry in the Arab world is developing well, but there is a need to balance the prevention of financial crimes with maintaining financial confidentiality.

The text discusses the challenges of implementing anti-money laundering regulations effectively, using Morocco as an example.

According to Daniel Glaser of K2 Integrity, successful implementation requires political will and investment of resources.

Jawhar Nfissi, head of Morocco's national financial intelligence body, adds that creating a national institutional structure and making a firm political commitment are essential.

Monitoring reports is also crucial, as there has been a significant increase in suspicion indicators in Morocco over the past five years.

Mauritania's Financial Prohibition Unit head, Mohamed Allal Al-Kahil, stressed the importance of passing new legislation to tackle bribery and corruption in Mauritania.

Current laws do not meet the standards set by the Financial Action Task Force (FATF), according to Al-Kahil.
Translated by AI

Related Articles

Saudi Press
Death of Iran's President Raisi Stirs Succession Race for Supreme Leader
ICC Seeks Arrest Warrants for Israeli and Hamas Leaders
Saudi Arabia's Flourishing Venture Capital Sector Attracts International Investments
Saudi Aviation Sector Boosts Economy with $21 Billion Contribution
Blinken orders crackdown on Israel-Hamas leaks
Future Aviation Forum 2024 to Propel Saudi Arabia’s Vision 2030
What Happens If an Iranian President Dies in Office?
Iranian President Ebrahim Raisi Reportedly Killed in Helicopter Crash
Saudi Arabia Advances Procurement and Supply Chain Innovation
Saudi Arabia’s Holdings in US Treasuries Rise to $135.9 Billion
Saudi Arabia Emerges as a Hub for Sustainable Technology Manufacturing
UN General Assembly Approves Palestinian Membership Bid
Teens Forming Friendships with AI Chatbots
WhatsApp Rolls Out Major Redesign
Neuralink's First Brain Implant Experiences Issue
Apple Unveils New iPad Pro with M4 Chip, Misleading AI Claims
OpenAI to Announce Google Search Competitor
Apple Apologizes for Controversial iPad Pro Ad Featuring Instrument Destruction
FedEx Airlines Boeing 767 cargo plane lands on nose at Istanbul Airport
Apple Faces Significant Sales Decline Amid AI Integration Delay
Netanyahu's Firm Stance Amid Rafah Hostage Talks
BlackRock to Establish Saudi Investment Firm
Dubai's New Al Maktoum International Airport: World's Largest with ₹2900 Crores Investment, 5 Runways, and 260 Million Annual Capacity
New UK Laws: Banning Weak Passwords for Internet-Connected Devices to Enhance Cybersecurity
Blinken on Gaza: Ceasefire is Key to Humanitarian Crisis Resolution
UAE Prime Minister Announces $544M for Home Repairs after Historic Rains, Vows to Learn from Experience
Germany Sends New Frigate to Red Sea to Protect Ships Amid Houthi Attacks
Isfahan Explosions: US Media Reports Israel's Retaliatory Strikes on Iran
Four Dead, Dubai Airport Disrupted: UAE's Heaviest Rains in 75 Years Cause Flooding and Flight Chaos
Dubai's Historic Flooding: Homes Ruined, Airport Disrupted Due to Lack of Storm Drains
Meteorologist Warns of 'Weather Wars' Amid Debate over Dubai Rain and Cloud Seeding
Saudi Arabia Leads in Artificial Intelligence Development: Ranked First by Stanford University Index
Dubai's Airport and Roads Disrupted for Third Day Amid Heavy Rain and Flooding: 1,285 Flights Cancelled or Diverted
Doha Hamad Overtakes Singapore Changi as World's Best Airport in Skytrax Awards 2024
Dubai Airports: Stranded Tourists 'Living on Duty Free,' Desperate for Food and Water
Turkish President Erdogan to Host Hamas Leader Haniyeh Amidst Israel Tensions
Creative menu of a Pizza restaurant..
Heavy Rains Cause Flooding in UAE and Oman: 18 Lives Lost
Look at this weather in Dubai. It looks like the end of days
You can be a very successful player, but a player with character is another level!
Come to Dubai, ya Habibi
Stay safe, ya Habibi
Dubai underwater, Influencers are stranded in their Rolls Royces in flooded roads as skies turn black in apocalyptic scenes as storm hits region.
Unprecedented Flooding Disrupts Dubai
Experience the Future of Dining: My Visit to an AI-Powered Burger Joint
Ajman Crown Prince Declares Remote Work Day for Government Employees Due to Weather (Except Essential Jobs)
UK Urges Israel to Avoid Escalation in Iran-Israel Tensions: 'Time to Be Smart'
Iran's New Strategy: Direct Retaliation Against Israel After Damascus Consulate Attack
Saudi Finance Minister to Lead Delegation at IMF-World Bank Meetings: Discussing Global Economic Developments and Saudi Arabia's Three-Year Chairmanship