Financial Crime World

Financial Crime Prevention Techniques in Lebanon: A Collective Effort

In an effort to combat financial crime and promote leading anti-money laundering (AML) and combating the financing of terrorism (CFT) practices, the MENA Financial Crime Compliance Group (MENA FCCG) has been working tirelessly with stakeholders across the region.

The Role of MENA FCCG

Established in 2016, MENA FCCG is a voluntary body comprising 13 banks from nine Middle East and North Africa (MENA) countries. The organization’s mission is to bring collective action against money laundering and terrorist finance, ultimately helping to advance the economies of the region.

Commitment to Prevention

“We recognize that financial crime is an infinite challenge,” said Wissam H. Fattouh, Secretary General of the Union of Arab Banks and Chairman of MENA FCCG. “Driven by our commitment to preventing financial crime, we are working closely with industry experts, key international bodies, and regulators to promote best practices in AML/CFT compliance.”

Strategic Partnerships

MENA FCCG’s efforts focus on facilitating liaison between Arab banks across the UK/EU and fostering relationships with key international bodies and organizations. The group also works to promote public relations and networking initiatives through various events and seminars.

  • Strategic partnerships with organizations such as the Union of Arab Banks (UAB) and the London Stock Exchange Group (LSEG)
  • Leveraging networks and expertise in promoting AML/CFT best practices across the region

Experienced Leadership

The organization’s efforts are guided by a team of experienced professionals, including Fattouh and Michael Matossian, MENA FCCG Founder and Deputy Chair. Both individuals bring extensive experience in regulatory risk management, anti-money laundering, and compliance.

International Recognition

MENA FCCG’s commitment to preventing financial crime has been recognized internationally, with participation in various national and international task forces addressing AML/CFT matters.

Conclusion

As the region continues to navigate the complexities of financial crime prevention, MENA FCCG remains a vital player in promoting best practices and fostering collaboration among stakeholders. By working together, the organization is confident that it can make a significant impact in combating financial crime and protecting the integrity of the global financial system.