MENAFATF Five-Point Strategic Plan

Regulation Name: MENAFATF Five-Point Strategic Plan
Publishing Date: 6 January 2025
Region: MENA
Agency: MENAFATF

The MENAFATF Leadership Develops Strategic Priorities for 2025 and 2026

The Middle East and North Africa Financial Action Task Force (MENAFATF) leadership convened to outline joint strategic priorities for the group’s presidency in 2025 and 2026. The meeting was chaired by Her Excellency Samia Abu Sharif, Member of Jordan’s National Committee for Combating Money Laundering and Terrorist Financing and Head of the Anti-Money Laundering and Terrorist Financing Unit. Joining her were His Excellency Hamed Saif Al-Zaabi, Secretary-General and Vice-Chairman of the UAE National Committee for Combating Money Laundering, Terrorism Financing, and the Financing of Illegal Organizations, and His Excellency Suliman bin Rashid AlJabin, Executive Secretary of MENAFATF.

Building on Achievements and Establishing Priorities

The strategic priorities were identified and approved during the 39th MENAFATF Plenary in November 2024, following the Yemeni presidency’s successful tenure in 2024. These priorities focus on enhancing the effectiveness of anti-money laundering (AML) and counter-terrorism financing (CFT) efforts across the MENA region.

Key Strategic Priorities

1. Strengthening Mutual Evaluations

MENAFATF aims to enhance its role in the third round of the mutual evaluation process. This involves assisting member states in preparing for evaluations by providing technical support, resources, and expertise. The goal is to ensure thorough, accurate, and fair assessments of countries’ compliance with international AML/CFT standards. Strengthening the evaluation process will also help identify gaps and recommend corrective measures to improve national frameworks.

2. Improving Governance

The group’s governance framework will be strengthened to improve operational efficiency and ensure effective decision-making processes. This includes revising internal policies, streamlining procedures, and promoting transparency within the group’s operations. By enhancing governance, MENAFATF aims to foster greater accountability and trust among its members, ensuring that the group remains agile and responsive to emerging challenges.

3. Advancing FATF Recommendations

MENAFATF will continue assisting member states in implementing the FATF action plan. This involves providing targeted guidance to help countries align their legal and regulatory frameworks with FATF standards. Efforts will also focus on refining procedures to make them clearer, more practical, and tailored to address specific risks in the region. By advancing FATF recommendations, MENAFATF seeks to enhance the overall effectiveness of AML/CFT measures across the MENA region.

4. Enhancing Regional and International Collaboration

Fostering cooperation with international and regional partners, as well as other bodies, remains a priority. MENAFATF will work to strengthen communication channels, share best practices, and promote joint initiatives to address cross-border financial crimes. Collaboration with organizations such as the Financial Action Task Force (FATF) and other regional task forces will ensure that MENAFATF’s efforts are aligned with global strategies, enhancing the region’s contribution to combating financial crimes.

5. Addressing Emerging Financial Crime Trends

The group is committed to intensifying efforts to implement international standards by identifying and understanding risks, trends, and methods in money laundering, terrorist financing, and the proliferation of weapons. This includes conducting research, analyzing regional and global data, and developing tools to detect and prevent evolving threats. MENAFATF will also focus on capacity building and training for member states to ensure they are equipped to tackle sophisticated financial crime schemes effectively.

Conclusion:

Under the leadership of Jordan and the UAE, MENAFATF is set to embark on a strategic path that enhances its regional and global impact. The outlined priorities aim to address financial crime challenges, ensuring a robust framework for AML and CFT efforts in the MENA region and beyond.

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