In the eye of the storm – the Middle East and North Africa FATF

High up, if not top of the money laundering and terrorist financing risk league, the states of the Middle East and North Africa region (MENA) agreed in late 2004 to collaborate more closely in combating illicit finance. One result of their Bahrain meeting was the establishment of the Financial Action Task Force Style Regional Body (FSRB) MENA FATF. Paul Cochrane in Beirut considers its impact.

The aim of MENA FATF, explained Muhammad Baasiri, Secretary of Lebanon’s Special Investigation Commission and former MENA FATF president, is to enable members “to become proactive rather than be at the receiving end. Lebanon and Egypt were on the FATF Non-Cooperative Countries and Territories (NCCTs) list and that was polarised after the 9/11 attacks on the US. The area became suspect so we thought the region should join the world effort against ML.” [Lebanon was taken off the NCCTs list in 2002 and Egypt was removed in February 2004.]