The MENAFATF 42nd Plenary Meeting, chaired by the United Arab Emirates, concluded today in Rabat, Morocco. The three-day meeting resulted in decisions to strengthen the MENAFATF's joint efforts in combating financial crime. The Meeting was attended by delegations from over 35 Member Countries, Observer Organizations, and Regional and International Partners.
The Plenary reviewed the progress made by several Member Countries in enhancing Technical Compliance and the Effectiveness of their national regimes. Enhanced Follow-Up Reports for the People's Democratic Republic of Algeria and the State of Kuwait were adopted, and the re-rating for some Technical Compliance ratings were upgraded. The meeting commended the MENAFATF's Member Countries for their continued commitment to international standards.
Kuwait has updated its legislation regarding the implementation of Security Council resolutions and Targeted Financial Sanctions, developed its regulatory and supervisory framework for NPOs, and adopted a risk-based approach. The Report also included measures to enhance the transparency of beneficial owner information, develop regulatory and supervisory frameworks for financial institutions and DNFBPs, and strengthen international judicial cooperation in criminal matters to enhance Mutual Legal Assistance and Asset Recovery mechanisms.
The People’s Democratic Republic of Algeria has completed its NRA, adopted a national risk-based strategy, and strengthened coordination and cooperation mechanisms among relevant national authorities. Legislative and regulatory reforms were also implemented, including amendments to the AML\CFT Law, and the enactment of several laws to strengthen preventive measures, supervision, and risk-based supervision, in addition to enhancing the application of Targeted Financial Sanctions and mechanisms for implementing Security Council resolutions.
The Plenary Meeting approved the accession of the Republic of Italy to the MENAFATF as an Observer. The Republic of Italy is a founding member of the FATF and an Observer member of several regional organizations. It also demonstrates a high level of commitment to international standards, as evidenced by the results of Italy's MER, which was recently adopted by the FATF.
The proposal from the Toronto Center for Cooperation and Partnership with the MENAFATF on training programs, workshops, and technical assistance was also welcomed. The Toronto Center is a leading center in promoting effective risk-based supervision in the financial sector and training regulators to translate standards into practical procedures, which in turn strengthens institutional capacities and improves risk identification and mitigation.
The Plenary Meeting adopted the study on waqf, which aims to systematically determine the legal status of endowments by examining their organizational and functional characteristics in Member Countries, comparing these characteristics with those stipulated in the 1985 Hague Convention on Trusts, and developing a classification for them according to international standards, based on their legal nature and degree of financial and administrative independence.
The Plenary Meeting witnessed an exchange of experiences and best practices among Member Countries and international partners. Italy presented its recent experience with the ME process, with its Report recently adopted at FATF Plenary Meeting. The French Republic also presented its experience in Asset Recovery, which is considered a long-standing and effective international practice.
For the first time, the Plenary Meeting included the participation of several academic and research institutions within the Research and Training Centers Forum, given their important role in strengthening the AML\CFT system. This is achieved through supporting supervisors, assisting them in understanding and analyzing risks, providing research to develop policies and legislation, building national capacities, and raising public awareness about the risks of money laundering and terrorist financing.
The Meeting addressed the role of Technical Assistance and Capacity Building in supporting Member Countries' preparedness and enhancing their ability to address evolving risks, thereby contributing to improved implementation and more effective outcomes.
Concluding the Meeting; the MENAFATF expressed its gratitude to the Kingdom of Morocco for hosting the meeting and for its excellent organization.
It also announced that the MENAFATF's next Plenary Meeting will be held in Abu Dhabi, United Arab Emirates, in November 2026.
Issued in Rabat, Morocco
13 May 2026