Participation in the MENAFATF Plenary

The EU Global Facility had the privilege of participating in the 36th Plenary and Working Groups Meetings of the held in Manama, #Bahrain 🇧🇭 this week.

We are thrilled to share the highlights of our participation at this esteemed event:

1️⃣ During the 16th Meeting of the Risk Committee on 22nd May 2023, the EU GF, represented by its Key Expert on Regulation/FIU Arnaud STIEN, was part of a panel discussion on “#Transparency of Beneficial Owners – Between International Standards and Most Prominent Regional Practices.” Our panel included representatives from the FATF, IMF, Kingdom of Bahrain, and the UAE. Together, we explored the implications of the FATF’s updated Recommendation 24 and its impact on the EU GF’s work with partner countries.

2️⃣ Mr Stien also shared insights and expertise on using assessments made by other international bodies in the context of the EU GF’s work with partner countries. The EU GF firmly believes in leveraging existing assessments to strengthen the implementation of effective measures.

3️⃣ Our Expert provided valuable guidance on the priorities countries should focus on when implementing a sustainable Beneficial Ownership (BO) framework. The importance of early engagement, high-level and operational commitment, strong public-private partnerships, and forward-looking implementation measures were emphasised.

4️⃣ The EU GF was invited to partake in the Technical Assistance and Training Working Group (TATWG) where Mr Stien presented a comprehensive overview of the activities conducted with MENA countries since 2020.

“We are proud to have trained over 3,000 individuals during almost 100 different activities. In addition to bilateral activities conducted with partner countries such as Algeria, Jordan, Morocco, Tunisia, and the UAE, we have also organised numerous regional events to foster knowledge sharing and collaboration,” he stated.

📅 Upcoming events include: “Strengthening Judicial Cooperation in the MENA Region: Integrated Approaches to the Investigation and Prosecution of Money Laundering” in Rabat, 5th-7th June 2023.

We are humbled to have received a “Certificate of Appreciation” from MENAFATF Executive Secretary Suliman Al Jabrin, who recognised the project’s significant contributions to the group’s activities in 2022. This recognition further strengthens our commitment to continue and enhance our collaboration with MENAFATF.

👏🏽👏🏽🤝🤝 We extend our heartfelt gratitude to all the members, observers, and participants for their valuable contributions and engaging interactions throughout the event. Let’s continue to work together towards a more transparent and secure financial ecosystem in the MENA region and beyond!