Regional Cooperation Strengthens Global Fight Against Financial Crime, Says MENAFATF President
Hamid Saif Al Zaabi emphasises the critical role of coordinated international efforts in combating money laundering and terrorist financing at the UN Congress on Crime Prevention and Criminal Justice
Speaking at the 15th United Nations Congress on Crime Prevention and Criminal Justice in Abu Dhabi, Hamid Saif Al Zaabi, President of the Middle East and North Africa Financial Action Task Force (MENAFATF), has underscored the paramount importance of integrated regional and international cooperation in tackling financial crime.
Mr Al Zaabi stressed that robust anti-money laundering and counter-terrorist financing systems demand coordinated action at national, regional and global levels. He emphasised that translating international standards and evaluations into concrete, practical measures is essential to safeguarding the integrity of financial systems and denying criminal organisations the resources they depend upon to sustain and expand their operations.
The MENAFATF President outlined how the regional body tailors its support to countries according to their specific priorities and circumstances, recognising the diverse risks, needs and capabilities across the Middle East and North Africa. This assistance encompasses expertise sharing, capacity building and the alignment of national development initiatives with shared regional objectives that enhance financial system resilience.
Highlighting the significance of mutual evaluations, Mr Al Zaabi noted that such assessments serve as vital instruments for identifying improvement opportunities and establishing clear priorities. MENAFATF provides comprehensive technical assistance and capacity building before, during and after evaluations, with particular focus on areas requiring further refinement.
He underscored the essential role of political commitment and coordination among national authorities. The Group’s presidency has prioritised strengthening direct dialogue with country leaders, linking technical support to national reform priorities to ensure sustained impact.
This year, MENAFATF has worked directly with Syria, Jordan and Palestine to bolster preparedness, capacity assessment and coordination among authorities, whilst safeguarding banking relationships and legitimate financial channels. The organisation intends to expand this direct engagement with additional countries in due course.
Mr Al Zaabi highlighted how the digital era has fundamentally altered the nature and velocity of fraud. Contemporary cases frequently span multiple jurisdictions, with perpetrators, victims and proceeds distributed internationally. Coupled with risks associated with virtual assets, these developments necessitate accelerated cooperation among competent authorities and enhanced engagement with the private sector.
Under the UAE’s MENAFATF presidency, a regional initiative to combat cross-border fraud is being developed, focusing on prevention and early warning systems, improved information sharing amongst authorities, banks and digital platforms, rapid asset tracing and victim restitution. This coordinated approach aims to strengthen detection, intelligence sharing and cross-border response mechanisms.
He emphasised that asset recovery—encompassing tracing, freezing, confiscation and repatriation of criminal proceeds—remains central to combating financial crime. MENA-ARIN, the region’s dedicated asset recovery network, facilitates direct collaboration and information exchange among competent authorities, accelerating cross-border cooperation.
Looking forward, Mr Al Zaabi affirmed that MENAFATF remains committed to strengthening regional efforts, advancing risk-based methodologies, developing technical capacity, embracing technological innovation and deepening partnerships with the private sector and international counterparts to preserve financial system integrity and protect the regional economy and society.
Source: WAM