GCC stresses need to boost national capacity against money laundering, terror financing

GCC Secretary-General Jasem Mohammed Albudaiwi has stressed the importance of bolstering national capabilities to combat money laundering and terrorist financing. Addressing an introductory workshop on international best practices at the GCC General Secretariat in Riyadh, Albudaiwi emphasized that GCC member states prioritize the development of regulatory and institutional tools to safeguard financial systems and promote economic stability.

He explained that GCC countries are actively enhancing their capabilities, aligning with international standards and best practices, with the General Secretariat playing a crucial role in coordinating Gulf efforts in this domain.

Albudaiwi highlighted the GCC's participation in the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF), along with ongoing efforts to monitor international developments and share expertise to support national initiatives. He noted that the workshop aligns with the fifth round of mutual evaluations by the FATF, which necessitates strong coordination and a deep understanding of international standards, as well as demonstrating the effectiveness of existing frameworks and measures.

Albudaiwi stressed that the success of GCC states in addressing money laundering and terrorist financing risks hinges on sustained joint action, integration among relevant authorities, and leveraging international expertise to fortify the resilience of GCC economies. He concluded by expressing optimism that the workshop's discussions and exchange of expertise would yield practical outcomes to bolster ongoing efforts and further enhance Gulf coordination and integration in this crucial area.