The Middle East and North Africa Financial Action Task Force (MENAFATF) launched in Manama this morning the Seminar on “Public–Private Partnership for Implementing Targeted Financial Sanctions (TFS)”, generously hosted by the Kingdom of Bahrain with cooperation of the German Agency for International Cooperation (GIZ) and participation of experts from member countries.

The Seminar aims to strengthen institutional cooperation between the public and private sectors to enhance the effective implementation of targeted financial sanctions related to countering terrorism financing and proliferation financing, through improved channels of dialogue and information exchange between competent authorities, financial institutions, and designated non-financial businesses and professions (DNFBPs), and highlights the key characteristics of effective PPPs, and the roles and responsibilities of both sectors in implementing TFS measures and the challenges faced by the private sector in ensuring compliance, and the development of digital tools and technological solutions that can support monitoring, detection, and reporting processes. The Seminar also covers the use of beneficial ownership registers to strengthen sanctions enforcement and reviews the latest FATF guidance on proliferation financing risk assessment and mitigation, in addition to presenting national and regional experiences in implementing TFS frameworks.