Sharm El-Sheikh: The Naif Arab University for Security Sciences is organizing the Anti-Money Laundering and Terrorism Financing Forum, in Sharm El-Sheikh, Egypt, in cooperation with the Union of Arab Banks, the UN Counter-Terrorism Centre, and the Central Bank of Egypt, which kicked off today and will last for three days with the participation of 350 banking experts from 21 countries.

President of Naif Arab University for Security Sciences, Dr. Abdul Majeed bin Abdullah Al-Bunyan, delivered a speech at the event where he welcomed the attendees, stressing that the university urged the establishment of such events and scientific programs to improve security efforts and build Arab capabilities to confront security risks and combat crime.

He underscored the university's efforts in preparing studies and research that contribute to the formation of policies related to confronting terrorism, adding that the university has launched the Financial Integrity Program to train experts and specialists in money laundering and combating terrorism.

Secretary-General of the Arab Interior Ministers Council, Dr. Mohammed Ali Kuman, stressed in his speech the importance of cutting off funding for terrorists, stressing that it is no less important than the intellectual and security confrontation of terrorism.

The Secretary-General of the Union of Arab Banks, Wissam Fattouh, highlighted the importance of cooperation between the banking, judicial and security sectors to combat all forms of crime, stressing that money laundering and terrorist financing remain the biggest challenge for banks and international regulatory, judicial and security authorities.

Meanwhile, the Chairman of the Board of Directors of the Union of Arab Banks, Mohamed-El-Atribi, underlined the danger of pirates targeting the financial system to destabilize clients’ confidence, doubling the importance of joint action at all levels to curb financial crime in all its forms.

The forum highlights the importance of cooperation between security agencies, judicial bodies, and the banking sector to combat money laundering and terrorist financing and the risks that Arab societies face as a result of financial crimes, and their impact on economic and financial stability. It also discusses the best ways to increase the effectiveness of combating these crimes, especially in light of accelerated and advanced financial technologies.

The gathering also aims to strike a balance between developing innovations in the financial and banking sector, enhancing compliance with legislation and controls, ensuring data protection in banks and cybersecurity, and enhancing understanding of financial institutions and stakeholders on best practices to reach the real beneficiary of dealing with them, discussing ways to conduct a money laundering and terrorist financing risk assessment, and integrating its results.