MENAFATF 42nd Plenary concludes in Rabat

RABAT, (UrduPoint / Pakistan Point News / WAM - 14th May, 2026) The 42nd Plenary Meeting of the middle East and North Africa Financial Action Task Force (MENAFATF) concluded yesterday in Rabat, following three days of meetings and discussions focused on strengthening regional cooperation in combating financial crime.

The meeting was attended by delegations from more than 35 member countries, observer organisations, and regional and international partners.

Hamid Saif Al Zaabi, President of the MENAFATF, stated that the group’s plenary meetings have served as a pivotal platform for enhancing regional coordination and unifying efforts in addressing rapidly evolving financial risks, supporting the development of more efficient and resilient systems across the region.

Al Zaabi further praised the outcomes of the 42nd Plenary Meeting, noting that they reflected tangible progress in strengthening the effectiveness of national frameworks and enhancing compliance with international standards, while reinforcing the principle of joint regional action among member countries.

He stressed that these outcomes represent an important step towards advancing AML/CFT systems in the region and reflect the transition of regional efforts from a stage of compliance towards a phase focused on effectiveness and sustainability.

He also highlighted that the next phase will place greater emphasis on supporting member countries’ readiness for the third round of mutual evaluations, alongside further developing risk-based policies and enhancing countries’ ability to measure the effectiveness of their systems in line with evolving challenges and regional priorities.

The MENAFATF issued a final communiqué stating that the Plenary reviewed the progress achieved by several member countries in enhancing technical compliance and the effectiveness of their national AML/CFT regimes. Enhanced follow-up reports for the People’s Democratic Republic of Algeria and the State of Kuwait were adopted, with upgrades granted to several technical compliance ratings.

The State of Kuwait updated its legislation related to the implementation of United Nations Security Council resolutions and targeted financial sanctions, strengthened its regulatory and supervisory framework for non-profit organisations, and adopted a risk-based approach.

The report also highlighted measures aimed at enhancing the transparency of beneficial ownership information, strengthening regulatory and supervisory frameworks for financial institutions and DNFBPs, and improving international judicial cooperation to support mutual legal assistance and asset recovery mechanisms.

The People’s Democratic Republic of Algeria completed its national risk assessment, adopted a national risk-based strategy, and strengthened coordination and cooperation mechanisms among relevant national authorities.

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Legislative and regulatory reforms were also implemented, including amendments to the AML/CFT law and the enactment of several laws aimed at strengthening preventive measures, supervision, and risk-based supervision, in addition to enhancing the implementation of targeted financial sanctions and mechanisms related to Security Council resolutions.

The Plenary approved the accession of the Republic of Italy as an observer member to the MENAFATF. Italy is a founding member of the Financial Action Task Force (FATF) and an observer member in several regional organisations. Italy also demonstrates a high level of commitment to international standards, as reflected in the results of its mutual evaluation report recently adopted by the FATF.

The meeting also welcomed the proposal submitted by the Toronto Centre for cooperation and partnership with the MENAFATF in the areas of training programmes, workshops, and technical assistance.

The Plenary further adopted the study on waqf, which aims to determine the legal status of endowments by examining their organisational and functional characteristics across member countries and developing a classification framework aligned with international standards based on their legal nature and degree of financial and administrative independence.

The meeting witnessed an exchange of experiences and best practices among member countries and international partners. Italy presented its recent experience in the mutual evaluation process following the adoption of its report at the FATF Plenary Meeting, while the French Republic shared its experience in asset recovery as a long-standing and effective international practice.

For the first time, the Plenary Meeting included the participation of several academic and research institutions through the Research and Training Centres Forum, reflecting the important role such institutions play in strengthening AML/CFT systems through supporting supervisors, developing research and policies, building national capacities, and raising awareness regarding financial crime risks.

The meeting also addressed the role of technical assistance and capacity building in supporting member countries’ preparedness and enhancing their ability to address evolving risks, contributing to improved implementation and more effective outcomes.

Concluding the meeting, the MENAFATF expressed its gratitude to the Kingdom of Morocco for hosting the event and for the excellent organisation of the meetings.

The group also announced that its next Plenary Meeting will be held in Abu Dhabi in November 2026.