Speaking on Friday, undersecretary with Bahrain's Finance Ministry, Sheikh Ibrahim bin Khalifa al-Khalifa unveiled plans to launch a Middle East-North Africa Financial Action Task Force (FATF) later this year.
Explaining that talks on the creation of the "regional subdivision" of the FATF were held on the margins of a meeting of the wider organisation last week, Al-Khalifa announced that the planned regional FATF grouping has received the backing of Kuwait, Oman, Qatar, the United Arab Emirates, and Saudi Arabia.
Tunisia, Morocco and Algeria have all expressed their support for the initiative, but have yet to make an official commitment, he revealed.
According to the Associated Press, an executive secretary will be appointed to head the group at the forthcoming November meeting, but presidency and vice-presidency of the Middle East-North Africa FATF will rotate among participating countries.
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