Certified Anti-Money Laundering Specialist Certification (CAMS) Practice Exam

Which organization deals with anti-money laundering in the Middle East and North Africa?

1. GIABA

2. MENAFATF

3. EAG

4. Moneyval

The correct answer is: MENAFATF

The organization that deals with anti-money laundering in the Middle East and North Africa is the Middle East and North Africa Financial Action Task Force, known as MENAFATF. This regional body was established to enhance the effectiveness of anti-money laundering and counter-terrorist financing measures in its member jurisdictions, providing a forum for policy-making and cooperation among its members. MENAFATF focuses on promoting the implementation of the Financial Action Task Force (FATF) recommendations and improving the legal, regulatory, and operational framework for combating money laundering and terrorist financing in the region. It also conducts mutual evaluations to assess compliance and effectiveness of anti-money laundering measures among its member countries. In contrast, GIABA, the Inter-Governmental Action Group against Money Laundering in West Africa, primarily focuses on the West African region; EAG, the Eurasian Group on Combating Money Laundering and Financing of Terrorism, covers the Eurasian area; and Moneyval is a committee of the Council of Europe that assesses compliance with international standards in terms of anti-money laundering and terrorist financing, mainly for European countries. Thus, MENAFATF is specifically tailored to address the needs and challenges of the Middle East and North African context regarding anti-money laundering efforts.