Previously, the Middle East and North Africa Financial Action Task Force (MENAFATF) was briefly mentioned as an anti-money laundering organization headquartered in Bahrain. However, this organization does deserve more attention.

is voluntary and co-operative body is established in November 2004 by agreement between its members and independent of other international bodies and organizations.

MENAFATF recognizing the Financial Action Task Force (FATF) 40 Recommendations on Anti-Money Laundering and the Special 9 Recommendations on Counter-Terrorist Financing as the international standards accepted worldwide.

Members of MENAFATF are as follows:

United Arab Emirates,
Saudi Arabia,
Republic of Iraq,
The Islamic Republic of Mauritania.

Besides 17 members, MENAFATF also has 12 observers:

The Republic of France,
The United Kingdom of Great Britain and Northern Ireland,
The United States of America,
The International Monetary Fund,
The World Bank,
The Co-operation Council for the Arab States of the Gulf (GCC),
The Financial Action Task Force,
The United Nations Office on Drugs and Crime (UNODC),
The Egmont Group of Financial Intelligence Units (Egmont Group),
The Kingdom of Spain,
The Asia/Pacific Group on Money Laundering (APG).

The objectives of MENAFATF member countries are the following:

adopting and implementing the 40 Recommendations of the FATF against money laundering,
adopting and implementing the Special Recommendations of the FATF against terrorist financing,
implementing the relevant UN treaties and agreements and United Nations Security Council Resolutions dealing with countering money laundering/terrorist financing,
co-operating together in order to raise compliance with these standards and measures within the MENA Region and working with other international organizations in order to raise compliance worldwide,
identifying money laundering/terrorist financing issues of a regional nature, sharing experiences of these issues and developing regional solutions,
building effective arrangements throughout the region to combat effectively money laundering/terrorist financing according to the particular cultural values, constitutional framework and legal systems of the countries which are MENAFATF members.

Leave a Reply

You must be logged in to post a comment.