Syria Participates in FATF Working Group Meeting on Combating Money Laundering for First Time in 15 Years

The Syrian Anti-Money Laundering and Counter-Terrorist Financing Authority affirmed that engaging in the development of the national anti-money laundering framework constitutes a national responsibility linked to protecting the economy, safeguarding the integrity of the financial system, and consolidating the rule of law. In its statement at the meeting of the Financial Action Task Force for the Middle East and North Africa (FATF-MENA), the Authority emphasized that the objective extends beyond merely meeting the requirements for removal from the grey list; it involves building an effective and sustainable national system capable of understanding and managing risks, applying international standards, and achieving tangible results. The meeting was attended by representatives from more than 200 jurisdictions and international organizations, with Syria’s participation marking its return after an absence of over 15 years.

The Chairman of the Anti-Money Laundering and Counter-Terrorist Financing Authority, Safwat Rusal, participated two days ago in the plenary session of the Financial Action Task Force (FATF) in Paris, France, presided over by the United Kingdom, to discuss evolving threats to financial integrity and global security, and to coordinate international efforts to combat illicit financial flows.

The Authority clarified that efforts have shifted from prioritization to building institutional frameworks. In July 2026, it launched the National Strategy for Combating Money Laundering, Terrorist Financing, and Financing of Proliferation of Weapons of Mass Destruction, in collaboration with the United Nations Development Programme (UNDP). This strategy serves as a guiding framework that sets priorities and links objectives to measurable outcomes.

The Authority revealed the commencement of the National Risk Assessment process in cooperation with the World Bank, as well as collaboration with the International Monetary Fund (IMF) to review the legislative framework to enhance its alignment with international standards. Additionally, it is working to qualify the Authority’s infrastructure and strengthen its capacities.

Regarding the banking sector, the Authority noted ongoing work to develop customer due diligence requirements, improve data quality, enhance risk-based approaches—particularly concerning politically exposed persons and high-risk clients—and develop name-screening systems against sanctions lists.

It also announced the issuance of Decision No. 124 of 2026, adopting an electronic payment and transfer system in Syria, which regulates the licensing of payment and electronic money service providers and integrates anti-money laundering requirements into its regulations.