Changing Mindsets, Driving Progress
In an article published in The Oath, A&M’s Benjamin Dunlap and Zena Rawashdeh analyze how Gulf countries of the Middle East (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) are progressing in the fight against money laundering.
"Members of the Gulf Cooperation Council (“GCC”) include a few of the wealthiest countries in the world and are actively pushing to be amongst the most economically developed. But legal and regulatory systems across the GCC are still being developed as the government progresses. International economies have a keen interest in witnessing the progress made by the GCC countries due to the region’s strategic location on top of energy reserves.
"Lately, the regulatory area where the GCC has received the most attention is their Anti-Money Laundering/Counter Financing of Terrorism (“AML/CFT”) regimes. The Financial Action Task Force (“FATF”), the international standard setter, has reviewed the AML/CFT regulatory framework in three of the six GCC countries over the last three years (KSA, Bahrain and UAE) and plans to review the remaining in the coming three years."
