Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi stressed on Monday that the GCC states attach the utmost importance to developing their national capabilities to combat money laundering and terrorist financing. These remarks were made during his speech at the introductory workshop on international best practices in combating money laundering and terrorist financing, held at the General Secretariat headquarters in Riyadh. "Combating money laundering and terrorist financing constitutes a fundamental pillar for protecting the integrity of financial systems, bolstering economic stability, and confronting criminal activities and their funding sources," he stated in his opening remarks. Albudaiwi highlighted the GCC states' continued dedication to strengthening their national capabilities and developing regulatory and institutional frameworks aligned with international standards and best practices. He explained that the General Secretariat plays an essential role in fostering Gulf coordination in this field by representing the GCC member states in the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF), monitoring relevant international developments, and facilitating the transfer of expertise and practices that support member states' efforts. "The workshop coincides with the fifth round of Mutual Evaluations conducted by FATF, which requires a high level of coordination and preparedness, a precise understanding of international requirements and standards, and the ability to demonstrate the effectiveness of implemented frameworks and measures on the ground," he noted. He also emphasized that the workshop serves as a key platform for exchanging knowledge and expertise, drawing upon international practices, and discussing practical challenges. "This contributes to unifying understanding, cementing coordination among relevant entities in the GCC states, and elevating their readiness to address the requirements of the upcoming phase efficiently and effectively," Albudaiwi said. The secretary-general pointed out that the success of the GCC states in mitigating the risks of money laundering and terrorist financing and fulfilling their international obligations necessitates ongoing joint Gulf action, role integration among relevant stakeholders, and the utilization of international expertise, thereby enhancing the resilience of GCC economies and safeguarding the integrity of their financial systems. He further expressed hope that the discussions and exchange of expertise during the workshop would yield practical outcomes that support existing efforts and advance Gulf coordination and integration in this vital domain.
