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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