Al-Badawi: GCC countries attach utmost importance to developing their capacities in combating money laundering and terrorist financing

Secretary-General of the Gulf Cooperation Council (GCC) Jassem Al-Budaiwi affirmed that GCC member states attach the utmost importance to developing their national capacities to combat money laundering and the financing of terrorism.

The Council’s General Secretariat stated in a press release that this remark was made by Al-Budaiwi during an introductory workshop on international best practices in combating money laundering and the financing of terrorism, held at the Secretariat’s headquarters in Riyadh. The event was attended by Secretariat staff and academics from universities and institutes.

Al-Budaiwi stated that “combating money laundering and the financing of terrorism constitutes a fundamental pillar for safeguarding the integrity of financial systems, enhancing economic stability, and confronting criminal activities and their funding sources.” He highlighted the continuous attention GCC member states pay to strengthening their national capacities and developing their regulatory and institutional frameworks in line with international standards and best practices.

He also noted that the General Secretariat plays a vital role in enhancing GCC coordination in this field by representing the member states in the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF), monitoring international developments, and transferring relevant expertise and practices to support the efforts of member states.

He clarified that the holding of the workshop coincides with the fifth round of mutual evaluations conducted by the FATF, which requires a high level of coordination and preparedness, a precise understanding of international requirements and standards, and the ability to demonstrate the effectiveness of frameworks and measures implemented on the ground.

In this regard, Al-Budaiwi emphasized that the workshop constitutes an important platform for exchanging knowledge and expertise, benefiting from international experiences, and discussing practical challenges, thereby contributing to harmonizing understanding and enhancing coordination among relevant authorities in GCC member states, and raising their readiness to deal efficiently and effectively with the requirements of the coming phase.

He stressed that the success of GCC member states in confronting the risks of money laundering and the financing of terrorism, and fulfilling their international obligations, requires continuing joint GCC efforts, integrating the roles of relevant authorities, and leveraging international expertise to enhance the resilience of these countries’ economies and safeguard the integrity of their financial systems.

In conclusion of his speech, Al-Budaiwi expressed his hope that the discussions, exchange of expertise, and sharing of experiences during the workshop would yield practical outcomes that support ongoing efforts and enhance GCC coordination and integration in this vital field.