The forum was attended by a diverse group of participants, including legal experts, academicians, representatives from regulatory authorities, financial institutions, and designated non-financial businesses and professions. The gathering aimed to discuss the current challenges faced by countries in combating money laundering and terrorist financing crimes, and to explore ways to strengthen legal frameworks in this area. The following are five key recommendations presented at the forum:
- Strengthening legal frameworks to keep pace with the development of criminal methods in money laundering and terrorist financing crimes.
- Increasing national efforts in relevant sectors and agencies to combat these crimes.
- Improving mechanisms for international cooperation and information exchange between relevant authorities and their counterparts in other countries.
- Continuously updating laws and regulations to reflect the latest methods used in these crimes and methods for tracking and detecting them.
- Enhancing the effectiveness of existing legal provisions in practice, through the outcomes of judicial rulings and practical applications.
The forum provided a platform for experts to discuss the legislative structure of Law No. 106/2013 on Combating Money Laundering and Terrorist Financing, both in terms of wording and content, and to assess the effectiveness of the legal provisions in practice. Panelists also explored the legal and regulatory status of virtual and digital assets, and the importance of improving mechanisms for international cooperation and information exchange. According to Abdul Hamid Al-Hamar, Director of the Legal Affairs Department at Nazaha, the discussion session was driven by the need to address the direct threat posed by these crimes to the financial and security stability of countries. He emphasized the crucial role of Nazaha in periodically studying legislation and legal tools related to combating corruption and proposing necessary amendments.
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