Riyadh: Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi affirmed 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 today at the General Secretariat headquarters in Riyadh.

According to Saudi Press Agency, Albudaiwi emphasized that combating money laundering and terrorist financing is essential for protecting the integrity of financial systems and bolstering economic stability. He highlighted the GCC states' dedication to strengthening their regulatory and institutional frameworks in line with international standards and best practices.

The General Secretariat, he explained, plays a crucial role in fostering Gulf coordination by representing GCC member states in the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF). It is responsible for monitoring international developments and facilitating the transfer of expertise to support member states' efforts.

He noted the importance of the workshop coinciding with the fifth round of Mutual Evaluations conducted by FATF, which requires high levels of coordination and preparedness. The workshop serves as a platform for exchanging knowledge, drawing on international practices, and discussing practical challenges, thereby enhancing coordination among relevant entities in the GCC states.

Albudaiwi pointed out that the success of the GCC states in mitigating money laundering and terrorist financing risks requires ongoing joint Gulf action, role integration among stakeholders, and the utilization of international expertise. This approach enhances the resilience of GCC economies and safeguards the integrity of their financial systems.

He concluded by expressing hope that the workshop's discussions and exchange of expertise would yield practical outcomes to support existing efforts, advancing Gulf coordination and integration in this critical area.