GCC stresses need to boost national capacity against money laundering, terror financing
GCC Secretary-General Jasem Albudaiwi reaffirms Gulf states’ commitment to strengthening regulatory and institutional tools to combat money laundering and terror financing.
Key Takeaways
AIGulf Cooperation Council Secretary-General Jasem Mohammed Albudaiwi has emphasized that GCC member states attach the utmost importance to developing their national capabilities to combat money laundering and terrorist financing, describing these efforts as a cornerstone for safeguarding financial systems and promoting economic stability.
Albudaiwi made the remarks during an introductory workshop on international best practices in combating money laundering and terrorist financing, held today at the GCC General Secretariat headquarters in Riyadh.
He explained that GCC countries continue to enhance their capabilities and develop regulatory and institutional tools in line with international standards and best practices, noting that the General Secretariat plays a key role in coordinating Gulf efforts in this field.
Strengthening Gulf cooperation and coordination
Albudaiwi highlighted the GCC’s representation in the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF), as well as ongoing efforts to monitor international developments and transfer expertise and practices that support national initiatives.
He added that the workshop coincides with the fifth round of mutual evaluations conducted by the FATF, which requires a high level of coordination and a thorough understanding of international standards, along with demonstrating the effectiveness of existing frameworks and measures.
Supporting joint efforts and integration
Albudaiwi noted that the success of GCC states in addressing the risks of money laundering and terrorist financing depends on continued joint Gulf action, integration among relevant authorities, and leveraging international expertise to strengthen the resilience of GCC economies.
He concluded by expressing hope that the discussions and exchange of expertise during the workshop would yield practical outcomes to support ongoing efforts and further enhance Gulf coordination and integration in this vital area.