The Middle East and North Africa Financial Action Task Force adopted Enhanced Follow-Up Reports for Algeria and Kuwait at its 42nd Plenary Meeting in Rabat, upgrading some technical compliance ratings after reviewing progress in the technical compliance and effectiveness of members' anti-money laundering and counter-terrorist financing regimes. The plenary also approved the Republic of Italy's accession as an observer. Kuwait's report reflected legislative updates on implementing Security Council resolutions and targeted financial sanctions, a stronger regulatory and supervisory framework for NPOs, a risk-based approach, measures to improve beneficial ownership transparency, and steps to strengthen oversight of financial institutions and DNFBPs, mutual legal assistance, and asset recovery. Algeria's report reflected completion of its national risk assessment, adoption of a national risk-based strategy, stronger coordination among relevant authorities, amendments to the AML/CFT law, and further legislative and regulatory changes on preventive measures, supervision, targeted financial sanctions, and implementation of Security Council resolutions. Separately, the plenary adopted a study on waqf to classify endowments against international standards and welcomed a Toronto Center proposal on training, workshops, and technical assistance. The next MENAFATF Plenary Meeting is scheduled to be held in Abu Dhabi in November 2026.
Middle East and North Africa Financial Action Task Force (MENAFATF)2026-05-13
Middle East and North Africa Financial Action Task Force adopts Algeria and Kuwait follow-up reports with compliance upgrades and approves Italy as observer
The Middle East and North Africa Financial Action Task Force adopted Enhanced Follow-Up Reports for Algeria and Kuwait, upgrading some technical compliance ratings after reviewing progress in their anti-money laundering and counter-terrorist financing frameworks, and approved Italy as an observer. Kuwait’s report highlights legislative changes on UN Security Council resolutions and targeted financial sanctions, enhanced non-profit supervision, improved beneficial ownership transparency, and stronger oversight of financial institutions and designated non-financial businesses. Algeria’s report notes a completed national risk assessment, a national risk-based strategy, amendments to its AML/CFT law, and additional measures on preventive controls, supervision, targeted financial sanctions, and implementation of UN Security Council resolutions.