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Nadim Kyriakos-Saad International Monetary Fund

Implementation of the AML/CFT International Standards in the Middle-Eastern and North African Countries. Second Compliance & Anti Money Laundering Seminar Riyadh, Kingdom of Saudi Arabia 23 rd & 24 th March 2010. Nadim Kyriakos-Saad International Monetary Fund. International Standards.

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Nadim Kyriakos-Saad International Monetary Fund

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  1. Implementation of the AML/CFT International Standards in the Middle-Eastern and North African Countries Second Compliance & Anti Money Laundering Seminar Riyadh, Kingdom of Saudi Arabia 23rd & 24th March 2010 Nadim Kyriakos-Saad International Monetary Fund

  2. International Standards The FATF’s 40 Recommendations on Money Laundering and its 9 Special Recommendations on Terrorist Financing in addition to Vienna, Palermo and New York UN Conventions and the UN Security Council Resolutions relating to the prevention and suppression of the Financing of Terrorist acts (Res. 1373 and 1267 and successors) constitute the international standards on AML/CFT. The legal framework of a country’s AML/CFT regime should be consistent with those standards.

  3. What are the international conventions and treaties that deal with AML/CFT? The UN Conventions and Resolutions that are relevant to the fight against ML and TF are the Vienna Convention, the Palermo Convention, the New York Convention, and Security Council Resolutions 1373 and 1267, including a number of successor resolutions to 1267. • UN Conventions require a certain number of countries to become signatories before they come into force. They also require ratification and implementation by a member country before the Convention has the force of law in that country. • UN Security Council Resolutions, on the other hand, when passed in response to a threat to international peace and security under Chapter VII of the UN Charter, are binding upon all member countries and immediately have the force of law in all member countries.

  4. The UN Conventions MENAFATF Countries Status and Provisions regarding Multilateral Treaties related to Money Laundering and the Financing of Terrorism (As of 03/20/2010) 1. United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances - Vienna, 20 December 1988 2. United Nations Convention against Transnational Organized Crime- Palermo, 15 November 2000 3. International Convention for the Suppression of the Financing of Terrorism- New York, 9 December 1999 4. United Nations Convention against Corruption- New York, 31 October 2003 (not required by FATF)

  5. United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances - Vienna, 1988

  6. United Nations Convention against Transnational Organized Crime- Palermo, 15 November 2000

  7. United Nations International Convention for the Suppression of the Financing of Terrorism- New York, 9 December 1999

  8. United Nations Convention against Corruption- Merida, 31 October 2003

  9. Summary

  10. MENAFATF members - Level of Compliance with the FATF 40+9

  11. Key Recommendations - Compliance Levels

  12. MENAFATF Members’ Level of Compliance with the Special Recommendations on FT

  13. FSRBs’ Compliance with the 40+9

  14. FSRBs 40+9 sub-categories compliance

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