Paris: The Middle East and North Africa Financial Action Task Force (MENAFATF), led by President Hamid Saif AlZaabi, took part in the Financial Action Task Force (FATF) Plenary in Paris, France. This participation included attending the inaugural meeting of the Global Strategy Group, which aims to enhance coordination and dialogue among FATF and FATF-Style Regional Bodies (FSRBs) to safeguard the global financial system.
According to Emirates News Agency, MENAFATF's involvement in the meeting was marked by AlZaabi's remarks supporting the initiative and its role in fostering strategic dialogue across the Global Network. He stressed the importance of regional insights in addressing global priorities and devising effective strategies against financial crime.
AlZaabi highlighted the Global Strategy Group as a significant addition to the Global Network, embodying a commitment to international cooperation on shared concerns between FATF and FSRBs. He noted that the diversity within the Global Network enriches understanding and policy development to tackle emerging challenges.
He further stated that forming the Global Strategy Group aligns with MENAFATF's goals of enhancing cooperation and partnerships, strengthening ties between FATF and FSRBs, and addressing common challenges such as fraud and cross-border financial crime.
The inaugural meeting covered how Regional Bodies can better contribute to FATF's priorities, improve cooperation on shared issues, and leverage regional projects to support the Global Network's objectives. MENAFATF also engaged in FATF Working Group meetings, focusing on improving AML/CFT/CPF systems, tackling new financial crime risks, and boosting international cooperation.
Bilateral meetings were also held to explore closer collaboration with stakeholders and advance initiatives for more effective AML/CFT/CPF systems regionally and internationally. The current FATF Plenary, the last under the Mexican Presidency, unites representatives from over 200 jurisdictions and international organizations to discuss issues related to the global financial system's integrity and security.