Financial Crime World

MENAFATF Hosts Workshop on FATF Recommendations and Assessment Methodology

February 18, 2014

The Middle East and North Africa Financial Action Task Force (MENAFATF) recently collaborated with the Anti-Money Laundering and Counter Terrorist Financing Unit of Jordan to host a workshop on “The FATF 40 Recommendations and New Assessment Methodology”.

Objectives and Participants

The workshop aimed to enhance understanding and implementation of the Financial Action Task Force (FATF) 40 Recommendations among MENAFATF member countries. The event brought together experts from the financial sector, regulators, and law enforcement agencies to discuss best practices in combating money laundering and terrorist financing.

FATF 40 Recommendations

The FATF 40 Recommendations provide a set of global standards for countries to combat money laundering and terrorist financing. The new assessment methodology is designed to evaluate the effectiveness of countries’ Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regimes and identify areas for improvement.

Workshop Discussions

During the workshop, participants discussed key issues such as:

  • Risk-based approach
  • Customer due diligence
  • Beneficial ownership transparency

They also shared experiences and best practices in implementing the FATF recommendations and assessing their own AML/CFT systems.

About MENAFATF

The MENAFATF is a regional organization that aims to promote cooperation among its member countries in combating money laundering and terrorist financing. The organization provides guidance and support to its members in implementing effective AML/CFT regimes and promoting financial stability in the region.

Contact Information