Kuwait city: Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi has confirmed that the GCC states are in the process of developing a comprehensive Gulf strategy to combat money laundering. Albudaiwi highlighted that the GCC member states have already enacted laws and legislation aimed at countering this issue.

According to Saudi Press Agency, these announcements were made during the GCC secretary-general’s participation in the workshop for the preparation of the GCC Strategy for Combating Money Laundering. The event, which was held in Kuwait City, was hosted by the Ministry of Interior of the State of Kuwait in collaboration with the United Nations Office on Drugs and Crime (UNODC) Regional Office. Several specialists from the ministries of interior and relevant authorities in the GCC states attended the workshop.

Albudaiwi emphasized the need for a unified Gulf security strategy to tackle money laundering, grounded in collective security principles. He pointed out that the GCC states have highlighted the significance of developing legislative systems to combat terrorism financing and money laundering, as part of their vision for regional security in 2024.

The strategy will be structured around five main pillars. The first pillar involves enhancing security legislation and policies to support the role of the ministries of interior. The second focuses on joint security operations through Gulf task forces. The third pillar deals with technology and security analysis, including investment in artificial intelligence and financial data analysis. The fourth pillar is dedicated to tracing and confiscation of illicit funds, while the fifth covers security training and awareness initiatives.

Albudaiwi concluded by stating that the workshop marks a significant step in addressing cross-border crimes, which threaten economic and financial security as well as the stability of societies and the reputation of commercial and financial systems both regionally and internationally.