The risks of financial crimes have surged in light of the increasing attempts by criminals and organized criminal groups to penetrate the financial and economic systems to legitimize their criminal proceeds and in light of the attempts by terrorists and terrorist entities to execute their plans without being tracked, in addition to using various means to avoid the targeted financial sanctions related to terrorism and its financing. Financial crimes all over the world have witnessed major developments, especially in light of the rapid expansion in information technology, digital transformation, and the use of modern financial technology, which resulted in a growing interest in cybersecurity all over the world.
In this regard, all concerned parties, and on top of them the financial investigation units, banks and financial institutions, supervisory authorities, law enforcement agencies, and investigative authorities, should work together to develop a common understanding of the best practices to combat financial crimes, in particular those related to money laundering and terrorist financing, to work on strengthening the legislative, supervisory and operational frameworks, set appropriate policies and procedures to combat these two crimes, and to enhance effective cooperation among them in order to reduce the risks related to these crimes. In parallel, this necessitates developing the knowledge of all concerned parties, especially the banking sector, which is subject to exploitation more often in the executing of these acts, leading to serious challenges and risks.
In addition to the challenges faced by the banking sector, there is no doubt that all concerned parties confront many challenges in combating money laundering and terrorism financing, the most important of which is the awareness of risks arising from these crimes(especially those executed using modern technological means) and the availability of expertise, supervisory skills, and developed investigation methods. Therefore, there is a need to enhance the capabilities of the employees of the various concerned authorities in order to effectively perform the roles assigned to each entity.
- Law enforcement and prosecutorial officials.
- Directors of financial intelligence units and their main assistants.
- Directors of banks and financial institutions supervisory authorities and their main associates.
- Compliance managers in banks and financial institutions and their main associates.
- Risk managers in banks and financial institutions and their main associates.
- Credit managers in banks and financial institutions and their main associates.
- Internal audit managers in banks and financial institutions and their main associates.
- Branch managers in banks and financial institutions and their main associates.
- Financial Intelligence Units managers and their main associates.
- Senior managers in banks and financial institutions.
- Digital transformation managers in banks and their main associates.
OBJECTIVES OF THE FORUM
Shedding light on the importance of cooperation between security agencies, judicial bodies, and the banking sector to combat money laundering and terrorism financing.
- Shedding light on the risks faced by the Arab societies resulting from financial crimes and their impact on the economic and financial stability.
- Discussing the best ways to increase the effectiveness of combating financial crimes, especially in light of modern financial innovations and technologies and their spread during the Covid-19 pandemic.
- Balancing between the development of innovations in the financial and banking sector, enhancing compliance with legislations, and ensuring data protection in banks and cybersecurity.
- Enhancing the understanding of financial institutions and stakeholders on the best practices.
- Discussing ways to conduct money laundering and terrorism financing risk assessment at the national and sectoral levels, and integrating its results into national policies.
- Shedding light on best practices in financial investigations, and how to benefit from them in money laundering and terrorism financing cases.
MAIN THEMES AND TOPICS
- Basic principles about money laundering and terrorism financing crimes and their relationship to the banking sector.
- The most important laws related to combating money laundering and terrorism financing in Europe and America.
- The role of banks, central banks, and security agencies in combating money laundering and terrorism financing crimes.
- The recommendations of the Financial Action Task Force (FATF) Group and the assessment of risks related to money laundering and terrorism financing at the national and sectoral levels.
- Cyber security threats related to money laundering and terrorist financing crimes in the banking and financial sector.
- Modern technologies to combat money laundering and terrorism financing.
- Overview of the process of evaluating anti-money laundering and terrorism financing systems according to FATF methodology.
- The national assessment of the risks of money laundering and terrorism financing and its implications for the risk assessment of financial institutions and regulatory authorities.
- Strengthening mechanisms to identify the real beneficiary of financial transactions.
- The effectiveness of the role of financial intelligence units and the strengthening of the partnership between them and the concerned authorities.
- Best practices in applying targeted financial sanctions.
- Best practices in financial investigations related to money laundering and terrorism financing crimes.
- Presenting working papers and holding in-depth discussion sessions by a well-known and distinguished groups of experts from the banking and financial sectors.
- Organizing an exhibition accompanying the forum’s activities, including sponsoring institutions, which constitutes an opportunity to establish and develop business relations.