MENAFATF Concludes 42nd Plenary in Rabat with Major Gains in Regional AML/CFT Effectiveness
The Middle East and North Africa Financial Action Task Force (MENAFATF) successfully concluded its 42nd Plenary session in Morocco, marking a strategic shift toward enhanced operational effectiveness in combating financial crimes. Under the presidency of H.E. Hamed Saif Al Zaabi, the assembly adopted enhanced follow-up reports for Kuwait and Algeria, praising their significant legislative updates. Kuwait was recognized for its advanced framework regarding Beneficial Ownership transparency and Targeted Financial Sanctions, while Algeria earned accolades for its comprehensive National Risk Assessment and strengthened anti-money laundering (AML) laws.
A historic highlight of the session was the approval of Italy as an observer member, bringing the expertise of a FATF founding member to the region. The Plenary also endorsed a groundbreaking study on the legal status of "Waqf" (Endowments) in relation to international standards for trusts. By integrating academic research and technical assistance from the Toronto Centre, MENAFATF is reinforcing the region's readiness for the upcoming third round of mutual evaluations, ensuring that national systems are not only compliant on paper but effective in practice.