April 29, 2021
Global Coalition to Fight Financial Crime MENA Chapter Hosts its Inaugural Meeting
On Thursday 8th April 2021, the MENA Chapter of the Global Coalition to Fight Financial Crime (GCFFC), held its inaugural meeting under the stewardship of Chair, Ibtissem Lassoued and Vice-Chair, Michael Matossian.
The dynamics and synergy between the two groups is that of distinct organizations but strategic partners in driving towards mutual objectives. For 2021-2022, the MENA Chapter of the GCFFC and MENA FCCG have agreed on joining efforts and expertise on the following three key initiatives:
- Promote the establishment of the first-ever Financial Intelligence Public-Private Partnership (PPP) in the MENA region. The PPP will focus on financial intelligence sharing between regional FIUs and the private sector, including a better understanding of evolving threats and typologies, and enhancing the use of SARs as an enforcement mechanism.
- Contribute to and augment the work of the GCFFC Expert Working Group on Corruption to ensure MENA specific considerations are factored into the various deliverables created by the group.
- Establish a regional project on Trade Based Money Laundering (TBML) to better understand the threats, red flags, and reasonable responses related to TBML activity, with a focus on dual-purpose goods and sanctions, as well as other key practical areas of guidance such as International Chamber of Commerce rules.
MENA Chapter of the GCFFC and MENA FCCG will continue concerted efforts on these three initiatives which will reap significant benefits to combating financial crime efforts across the region.
