Yaqoub Al-Rifai: We Aim to Enhance the Technical and Institutional Preparedness of Staff in Combating 'Money Laundering'

Al-Rifai stated in his speech that Kuwait’s hosting of the workshop embodies the importance of joint cooperation and the exchange of expertise and knowledge in the field of combating money laundering and the financing of terrorism, reflecting its firm commitment to continuously enhancing its national framework in collaboration with its regional and international partners.

He added that the workshop aims to develop the technical and institutional capacities of professionals in this field and to review the latest international developments and practices, thereby strengthening the preparedness and compliance levels of relevant authorities.

He emphasized that combating these crimes is a shared responsibility that requires concerted efforts and coordination among national, regional, and international entities to protect financial and economic systems from exploitation in illegal activities, and to enhance transparency, integrity, and trust in financial institutions.

He noted that this workshop serves as an important tool for building knowledge-based expertise, refining technical skills, and strengthening the institutional competencies required by professionals in this vital field, enabling them to keep pace with rapid developments and efficiently address emerging challenges and risks. It also contributes to countering practices aimed at undermining or exploiting financial and economic systems, and enhances the ability of institutions to perform their supervisory and preventive roles efficiently and effectively.

For his part, Hamed Al-Zubaidi, Chairman of the Middle East and North Africa Financial Action Task Force (MENAFATF), said in his speech that capacity building is a primary priority in MENAFATF’s work due to its direct role in enhancing the ability of member states to protect their financial systems and effectively combat money laundering, the financing of terrorism, and the financing of weapons proliferation.

Al-Zubaidi added that the success of national systems depends on competent professionals capable of understanding risks, analyzing information, and taking appropriate actions in a timely manner, noting that investing in national competencies is an investment in the security and financial and economic stability of countries.

He pointed out that the evolution of criminal patterns necessitates continuous development in countermeasures, as the speed of transfers, the proliferation of digital platforms, and the misuse of virtual assets provide additional means for moving funds and concealing their sources and beneficiaries.

He highlighted that the development of financial services must be accompanied by enhanced capabilities to protect them from exploitation, thereby supporting trust in these services and maintaining the integrity of the financial system.

He drew attention to the workshop’s coverage of the importance of partnerships between the private sector, regulatory authorities, financial intelligence units, law enforcement agencies, and judicial bodies, explaining that each entity possesses information and authorities that contribute to the successful fight against financial crimes, and that coordination among them enhances the ability to act in a timely manner.

For his part, Dr. Hamad Al-Mukarrad, Chairman of the National Committee for Combating Money Laundering and the Financing of Terrorism and Head of the Financial Investigations Unit, stated that the workshop comes at a time when criminals’ methods are evolving at a rapid pace. He noted that fraud operations have become cross-border and digital, and that virtual assets, digital wallets, and artificial intelligence technologies are increasingly vulnerable to exploitation for concealing criminal proceeds and financing terrorism.

Al-Mukarrad added that the workshop discusses three main topics: financial fraud, illicit financial flows, asset recovery, and the relationship between technology and the financing of terrorism, in alignment with the priorities of the MENAFATF Chairmanship for the period (2026–2028).

He clarified that the workshop aims to enhance the capacities of specialists in combating money laundering, terrorist financing, and the financing of weapons proliferation among government entities in member states by discussing the latest trends, methods, and patterns used in money laundering and terrorist financing at national, regional, and international levels.

He noted that the workshop also aims to strengthen the capacities of specialists by reviewing practical cases, applied studies, and the experiences of member states to benefit from best practices, as well as contributing to improving the efficiency of staff in regulatory and financial authorities, financial intelligence units, and law enforcement agencies.

He stated that the workshop is one of the most prominent regional specialized events in the field of combating money laundering, terrorist financing, and the financing of weapons proliferation, as it comes within the framework of cooperation with the MENAFATF Group, as the regional body responsible for supporting member states’ efforts to implement relevant international standards and enhance cooperation, exchange of expertise, and capacity-building among member states.

Al-Mukarram pointed out that this workshop holds particular significance at the regional level, as it serves as a specialized platform bringing together a select group of experts, technicians, and practitioners from various countries and relevant entities, including regulatory and financial authorities, financial intelligence units, and law enforcement agencies.

He explained that Kuwait’s hosting of this workshop reaffirms its firm commitment to supporting regional and international efforts aimed at enhancing the effectiveness of money laundering and terrorist financing countermeasures, thereby contributing to consolidating joint cooperation and developing national and regional capacities in this vital field.