Riyadh: Jasem Mohamed Al Budaiwi, Secretary General of the Gulf Cooperation Council (GCC), emphasized the critical importance that GCC states place on developing their national capabilities to combat money laundering and terrorist financing, during an introductory workshop on international best practices in these areas.
According to Bahrain News Agency, Al Budaiwi underscored that combating these financial crimes is essential for protecting the integrity of financial systems, supporting economic stability, and addressing criminal activities and their funding sources. He highlighted the ongoing efforts of GCC states to enhance their national capabilities and to develop regulatory and institutional frameworks in line with international standards.
Al Budaiwi noted that the General Secretariat plays a crucial role in fostering coordination among Gulf countries by representing them in the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF). This role includes monitoring international developments and facilitating the transfer of expertise and practices to support member states' efforts.
The workshop, he explained, coincides with the 5th Round of Mutual Evaluations by the FATF, requiring high levels of coordination, understanding of international standards, and demonstrating the effectiveness of implemented measures. The workshop serves as a platform for exchanging knowledge and discussing challenges to unify understanding and improve coordination among GCC entities.
Al Budaiwi further noted that the success in mitigating money laundering and terrorist financing risks relies on ongoing joint efforts, role integration among stakeholders, and the use of international expertise. This enhances the resilience of GCC economies and safeguards their financial systems' integrity.
He expressed hope that the workshop's discussions and expertise exchange would lead to practical outcomes, supporting existing efforts and advancing Gulf coordination and integration in combating these financial crimes.