MENA Fincrime Symposium
FINANCIAL CRIME OUTLOOK
Between 2008 and 2018, financial institutions paid over $26 billion in fines due to malpractice and gross negligence that led to money laundering, terrorist financing, and sanctions breaches globally.As we approach the next decade, regulators are adopting less tolerant approaches toward violations as evidenced by heftier penalty sums imposed on institutions that fail to put in place adequate controls that mitigate the threat of financial crime.
For the MENA region, weaker anti-money laundering controls have largely contributed to such penalties. Although most Arab countries still find themselves on watch lists published by notable policy setting bodies such as the Financial Action Task Force (FATF), the region has shown promise of improvement with the recent inclusion of Saudi Arabia as the first Arab state to become a member of FATF.