Manama: Jasem Mohamed Al Budaiwi, Secretary General of the Gulf Cooperation Council (GCC), participated in an introductory workshop focused on international best practices to combat money laundering and terrorist financing. The Secretary General emphasized the significant importance that GCC states place on enhancing their national capabilities to tackle these issues effectively.
According to Bahrain News Agency, Al Budaiwi highlighted that combating money laundering and terrorist financing is crucial for maintaining the integrity of financial systems, boosting economic stability, and addressing criminal activities and their funding sources. He pointed out the unwavering commitment of GCC states to fortify their national capabilities and develop regulatory frameworks in line with international standards and best practices.
Al Budaiwi elaborated on the pivotal role of the General Secretariat in promoting Gulf coordination by representing GCC member states in organizations such as the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF). The General Secretariat also monitors international developments and facilitates the sharing of expertise and practices to support member states' initiatives.
The Secretary General remarked that the workshop aligns with the 5th Round of Mutual Evaluations by FATF, which demands high levels of coordination, understanding of international standards, and demonstration of effective frameworks. He noted that the workshop provides a critical platform for exchanging knowledge, drawing on international practices, and discussing practical challenges. This effort aims to unify understanding, strengthen coordination among GCC entities, and enhance their preparedness to meet future requirements efficiently.
Al Budaiwi asserted that the success of GCC states in mitigating money laundering and terrorist financing risks requires continuous Gulf collaboration, integration of roles among stakeholders, and leveraging international expertise. This approach is intended to bolster the resilience of GCC economies and protect the integrity of their financial systems.
The Secretary General expressed optimism that the discussions and exchange of expertise during the workshop would produce tangible outcomes, supporting ongoing efforts and advancing Gulf coordination and integration in this critical area.