At its 42nd Plenary Meeting in Rabat, the Middle East and North Africa Financial Action Task Force adopted Enhanced Follow-Up Reports for Algeria and Kuwait, including upgrades to some Technical Compliance ratings, and approved Italy's accession as an observer. The plenary also adopted a study on waqf aimed at classifying endowments against international standards and welcomed a Toronto Centre proposal for cooperation on training, workshops and technical assistance. For Kuwait, the report reflects legislative updates on implementing United Nations Security Council resolutions and targeted financial sanctions, development of a regulatory and supervisory framework for NPOs, adoption of a risk-based approach, measures to improve beneficial ownership transparency, stronger frameworks for financial institutions and DNFBPs, and stronger international judicial cooperation on mutual legal assistance and asset recovery. Algeria's report reflects completion of its NRA, adoption of a national risk-based strategy, stronger coordination among authorities, amendments to the AML/CFT law, and additional laws to reinforce preventive measures, supervision, risk-based supervision, and the implementation of targeted financial sanctions and Security Council resolutions. The plenary also exchanged country experience, including Italy on the mutual evaluation process and France on asset recovery, and for the first time included academic and research institutions through the Research and Training Centers Forum. The next MENAFATF plenary will 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 rating 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 at its 42nd Plenary Meeting, upgrading some Technical Compliance ratings and noting significant legislative and supervisory enhancements to anti-money laundering and counter-terrorist financing frameworks, including targeted financial sanctions and beneficial ownership transparency. The plenary also approved Italy as an observer, adopted a study on waqf classification against international standards, welcomed a Toronto Centre proposal for cooperation on training and technical assistance, and expanded engagement with academic and research institutions through the Research and Training Centers Forum.