ABU DHABI (ALETIHAD)
Hamid Saif Al Zaabi, President of the Middle East and North Africa Financial Action Task Force (MENAFATF), confirmed that the United Arab Emirates, as part of its presidency of the Group, intends to submit a proposal to launch a regional initiative to study fraud typologies and related money laundering.
He explained that the proposed initiative aims to improve understanding of these risks and strengthen cooperation among member states in addressing them.
The proposal will be presented at the Group’s next Plenary Meeting in Abu Dhabi.
Al Zaabi made the remarks during a press conference held on the sidelines of the 15th United Nations Congress on Crime Prevention and Criminal Justice in Abu Dhabi.
He noted that the proposal forms part of the priorities of the UAE’s presidency of MENAFATF, supporting the implementation of international standards and strengthening the effectiveness of national systems in combating financial crime.
Al Zaabi explained that the cross-border nature of fraud and the evolution of its methods alongside the wider use of digital financial services reinforce the need for a shared regional understanding of these crimes.
He highlighted the importance of developing early detection tools and strengthening coordination among competent authorities to trace the proceeds of fraud and combat related money laundering.
He added that the proposed project seeks to establish a shared regional knowledge base documenting the types, methods and scale of fraud in the region.
He explained that the project’s objectives include examining the challenges associated with freezing, seizing and recovering criminal proceeds, including those arising from cyber-enabled fraud and crimes involving virtual assets.
The proposal also envisages establishing a regional network of practitioners to strengthen operational cooperation in money laundering investigations and coordination among competent authorities.
Al Zaabi noted that the proposed study would cover several priority areas, including banking and financial fraud; cyber-enabled, investment and real estate fraud; fraud involving money transfers and hawala channels; fraud linked to virtual assets and digital trading platforms; and trade-based money laundering associated with fraud.
He said that, the project would rely on member states’ participation in collecting data, exchanging case studies and reviewing mutual evaluation reports to analyse regional patterns and produce a specialised report.
It would draw on the experience of the Financial Action Task Force (FATF) and peer regional bodies, while taking into account the specific nature of risks in the Middle East and North Africa.
He emphasised the importance of linking knowledge and expertise with practical cooperation to strengthen member states’ ability to trace and recover criminal proceeds and protect financial systems from abuse.