Money laundering and terrorist financing pose grave threats to societies around the world and local and international efforts need to be focused on fighting these crimes, the governor of the Central Bank of Syria has said. Adeeb Mayyala was speaking at an anti-money laundering and counter-terrorist financing conference in Damascus.
According to the Middle East North Africa Financial Network, Mayyala warned that money laundering has increased in recent years as financial services have become increasingly globalised and advances in communications technology mean large sums of money can be moved electronically. He said stamping out money laundering and other financial crimes should therefore be the top priority of supervisory authorities, particularly in countries on the road to reform.
For its part, Mayyala said Syria has amended its anti-money laundering and terrorist financing laws to keep pace with global developments. It was also among the first countries to join the Middle East
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