MENAFATF Launched In Bahrain
Following the inaugural meeting of the Middle East and North Africa Financial
Action Task Force (MENAFATF) in Bahrain on Monday, it emerged that Lebanon has
been given the presidency, and Egypt the vice-presidency. The new body, which has been formed under the auspices of the Organisation
for Economic Cooperation and Development (OECD), will seek to combat money laundering
and terrorist financing activities in the region, in line with the wider international
campaign being led by the OECD's Financial Action Task Force (FATF). According to reports in the regional media, the agreement naming those filling
the key roles was signed by representatives from Algeria, Bahrain, Egypt, Jordan,
Kuwait, Lebanono, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United
Arab Emirates and Yemen. “This is a historic day for the MENA region as it shows the world that we are
serious about fighting the twin evils of money laundering and terrorist financing,”
H.E. Abdulla Saif, Bahrain’s minister of Finance and National Economy observed
following the meeting. A comprehensive report on the OECD, FATF and other 'offshore' initiatives, including the EU's Savings Tax Directive is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/
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