The Council of Arab Central Banks and Monetary Authorities Governors in their 44th Meeting held earlier this week, chaired by His Excellency Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the United Arab Emirates (CBUAE), addressed several topics in light of the implications of Covid-19 pandemic. The meeting was also attended by Experts from various international institutions where one of the key subjects discussed was the progress in efforts to combat money laundering and terrorist financing and the importance of expanding financial inclusion.

Dr. Marcus Pleyer, President of the Financial Action Task Force (FATF), addressed this topic citing that corruption is a global issue that widely affects communities worldwide, specifically in developing countries which are increasingly vulnerable to these unlawful acts. He commended the efforts taken by Arab countries to develop the required frameworks and measures to combat money laundering and financing of terrorism and urged them to undertake further actions in this regard, noting that this matter should be a top priority especially during the spread of Covid-19.