Secretary-General of the Union of Arab Banks, Wissam Fattouh, considered that banks and financial institutions are the first line of defense to combat money laundering and terrorist financing crimes, provided that they possess the resources, experience and sufficient and deep knowledge of mechanisms and channels in this regard. In his delivered speech at the opening of the activities of the annual forum of compliance managers in Arab banks, entitled “Enhancing the effectiveness of the role of the private sector in combating money laundering and financing terrorism”, held in Egypt’s Hurghada region, Fattouh affirmed that “the Union attaches great importance to combating money laundering and financing terrorism, given its seriousness on banks and the economy all over the world.’ ‘Banking services and products, which are constantly evolving, branching and complex, may provide more opportunities for perpetrators of financial crimes,” he said. “While banks are the most targeted for financial crimes and money laundering, they are at the same time the principle means for combating it,’ Fattouh went on, noting that the main objective of organizing such activities and events is “to show developments in the field of combating money laundering and terrorist financing and to learn about the new international rules in this field.” “We emphasize the significance of strengthening existing cooperation between the public and private sectors, including cooperation with Arab financial institutions, with the aim of protecting the Arab banking sector and maintaining relations between banks against this scourge,” Fattouch underlined. He concluded by considering that ‘the forum represents an important annual platform to discuss the risks that societies face as a result of financial crimes and their impact on the stability of financial systems.”
Source: National News Agency – Lebanon