Paris: The Middle East and North Africa Financial Action Task Force (MENAFATF), led by Hamid Saif AlZaabi, President of the Group, participated in the 5th "No Money for Terror" Ministerial Conference held in Paris, France.
According to Emirates News Agency, the conference saw the participation of ministers, senior officials, and international experts concerned with combating money laundering, terrorist financing, and organised crime. The event featured representatives from 10 MENAFATF member states, demonstrating the region's commitment to enhancing joint efforts to combat financial crimes and terrorist financing, as well as strengthening international cooperation in this field.
The conference addressed several key topics, including the risks associated with the misuse of financial innovations and virtual assets for terrorist financing purposes, and the growing links between terrorist financing and organised crime. Participants also discussed ways to strengthen international cooperation to address cross-border financial threats.
On the sidelines of the conference, the President of MENAFATF engaged in discussions with several ministers from member states, focusing on recent regional developments in combating money laundering, terrorist financing, and proliferation financing. The discussions emphasized the importance of enhancing coordination and exchanging expertise among member states to effectively address risks and threats.
AlZaabi highlighted that combating terrorist financing is essential in safeguarding economic stability and the integrity of the financial system. He noted that the rapid developments related to financial technology and digital innovations necessitate enhanced international coordination to address cross-border threats.
He further explained that MENAFATF continues to work closely with member states and international partners to strengthen the effective implementation of international standards. This includes supporting capacity building and enhancing preparedness in addressing emerging risks and threats, thereby contributing to security and stability at both regional and international levels.
The "No Money for Terror" Ministerial Conference, launched in Paris in 2018, is recognized as a leading international platform dedicated to combating terrorist financing. The fifth edition hosted by France this year saw participation from over 80 international delegations, underscoring the importance of strengthening joint international action to address financial threats linked to terrorism and organised crime.