Financial Crime World

Yemen Takes Steps to Prevent Financial Crime

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Yemen has made significant strides in implementing anti-money laundering (AML) and counter-terrorism financing (CFT) measures to curb financial crime and terrorism financing. In the latest Mutual Evaluation Report by the Middle East & North Africa Financial Action Task Force (MENAFATF), Yemen’s efforts were highlighted for addressing the risks posed by money laundering and terrorist financing.

Yemen has enacted new laws and regulations to combat financial crime, strengthening its legal framework. This includes improved supervisory authorities’ capabilities and resources to effectively monitor and inspect financial institutions.

Enhancing Customer Due Diligence and Beneficial Ownership Information

  • Yemen has also taken steps to enhance customer due diligence and beneficial ownership information.
  • Improved reporting and record-keeping requirements for financial transactions are now in place.

National Coordination Body Established

A national coordination body has been established to oversee the implementation of AML/CFT measures across various sectors. This ensures a comprehensive approach to combating financial crime.

Investigating and Prosecuting Terrorist Financing Cases

Yemen has established a dedicated unit to investigate and prosecute terrorist financing cases, demonstrating its commitment to addressing this critical risk.

Areas for Improvement

While Yemen’s efforts are commendable, the report identified areas for improvement. These include:

  • Strengthening the AML/CFT framework further.
  • Enhancing cooperation with international partners.

Commitment to Address Gaps and Vulnerabilities

Yemen has committed to addressing the identified gaps and vulnerabilities in its AML/CFT regime. The country will continue working closely with MENAFATF and other international organizations to ensure compliance with global standards on combating financial crime.

Maintaining Financial System Integrity

Effective AML/CFT measures are crucial for maintaining the integrity of Yemen’s financial system and preventing the misuse of the financial sector for illicit purposes.

Enhancing Reputation as a Reliable Partner

By strengthening its AML/CFT regime, Yemen can enhance its reputation as a stable and reliable partner in international trade and finance.