MENAFATF Makes Historic Debut at International Financial Security Olympiad in Russia
The Middle East and North Africa Financial Action Task Force participates for the first time in Russia's prestigious competition, advancing capacity building and international cooperation in combating financial crime.
The Middle East and North Africa Financial Action Task Force (MENAFATF), under the leadership of President Hamid Saif Al Zaabi, has marked a significant milestone by participating in the sixth International Olympiad on Financial Security, held in Krasnoyarsk, Russia. The event, organised by Russia’s Federal Financial Monitoring Service from 27 September to 2 October, convened 700 students representing 45 nations, with MENAFATF’s participation representing a landmark moment for the organisation.
This inaugural involvement reflects MENAFATF’s broader commitment to deepening collaboration with the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG), whilst advancing specialised expertise and fostering institutional partnerships across universities, research centres and training facilities throughout the region.
During the Olympiad, Al Zaabi engaged in strategic discussions with the Eurasian Group Chair and the Eastern and Southern Africa Anti-Money Laundering Group Chair regarding shared priorities and collective initiatives. He also participated in a symbolic tree-planting ceremony, reinforcing the spirit of international partnership and cooperation.
The event featured an International Financial Security Forum addressing emerging challenges posed by artificial intelligence within financial systems, complemented by interactive workshops and forums enabling students to collaborate with sector experts and supervisory authorities. Al Zaabi met with participating students from MENAFATF member countries, encouraging their continued professional development in financial security disciplines.
Capacity Building as a Strategic Priority
In his keynote address at the closing ceremony, attended by Russian Deputy Prime Minister Dmitry Chernyshenko, Al Zaabi underscored that capacity building and cultivating skilled professionals constitute foremost priorities of the UAE’s MENAFATF presidency. He emphasised the critical importance of investing in qualified personnel to establish resilient and effective national systems capable of addressing contemporary financial risks.
Al Zaabi outlined a comprehensive approach encompassing the training of assessors and technical experts, facilitating knowledge exchange amongst practitioners, and strengthening institutional capabilities to address emerging threats. This methodology, he explained, ensures that international standards translate into practical, sustainable outcomes.
Acknowledging artificial intelligence’s potential to enhance analytical capabilities and facilitate early risk identification, Al Zaabi noted the technology’s dual nature—whilst offering protective benefits, it simultaneously enables increasingly sophisticated fraudulent schemes. He stressed the necessity for professionals possessing integrated financial, legal and technological expertise to navigate this complex landscape effectively.
He highlighted the essential role of universities and research institutions in developing the next generation of financial security professionals. MENAFATF’s recently launched Forum for Research and Training Centres, established during its 42nd Plenary Meeting in Morocco, exemplifies this commitment by uniting academic and professional expertise to strengthen knowledge-based responses to financial risks.
Al Zaabi reiterated the significance of sustained cooperation between MENAFATF, the Eurasian Group and the broader global anti-money laundering and counter-terrorist financing network, emphasising that coordinated international effort remains vital for anticipating emerging risks and crafting effective collective responses.
Source: WAM