Abu dhabi: The Middle East and North Africa Financial Action Task Force (MENAFATF) conducted a high-level meeting with representatives from the State of Palestine to discuss the enhancement of its national framework against money laundering and terrorist financing. The discussions focused on recent developments and shared priorities for strengthening Palestine's financial systems.
According to Emirates News Agency, the MENAFATF delegation was led by its President, Hamid Saif Al Zaabi, and included key figures such as the Vice President, Shaikha May bint Mohammed Al Khalifa, and Executive Secretary, Suliman bin Rashid Aljabrin. The Palestinian delegation was headed by Yahya Shunnar, the Chairman of the National Committee for Combating Money Laundering and Terrorist Financing, and included senior officials from the Palestinian Monetary Authority and various ministries.
The meeting highlighted Palestine's national efforts to refine its legislative and institutional frameworks, aligning them with the Financial Action Task Force (FATF) Standards. It also provided a platform to discuss national priorities, particularly the implementation of the National Anti-Money Laundering and Counter-Terrorist Financing Strategy, which is informed by updated risk assessments.
Palestinian officials presented progress in legislative development, national authority coordination, and capacity-building initiatives within the private sector. They also addressed economic challenges affecting the banking sector, including the continuity of correspondent banking relationships, and discussed these issues in light of MENAFATF and international bodies' reports.
Hamid Saif Al Zaabi acknowledged the State of Palestine's efforts amidst challenging circumstances and emphasized the importance of stable correspondent banking relationships in maintaining legitimate economic activities. He advocated for continued regional and international support for Palestinian initiatives.
Al Zaabi reiterated Palestine's commitment to MENAFATF's mutual evaluation process, opting for an assessment of technical compliance with the Forty Recommendations. This commitment was supported by reports from the US and UK Treasuries, affirming Palestine's resilience in combating money laundering and terrorist financing.
The meeting underlined MENAFATF's role in supporting member countries through evaluation, technical assistance, and capacity building. Governor Yahya Shunnar reaffirmed Palestine's dedication to FATF requirements, focusing on strategic objectives and reform measures to enhance anti-money laundering and counter-terrorist financing measures, and engagement with international partners for a scheduled mutual evaluation.
Both parties agreed on the necessity of continued cooperation to fortify Palestine's financial system. The meeting concluded with Shunnar expressing gratitude to MENAFATF for its support, highlighting the organization's crucial role in developing frameworks for its member countries.