Posts Tagged ‘Prince Naif Bin Abdul Aziz’

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Arab nations sign accord with vanishing ink

December 29, 2010
Amr Mohammed Moussa & Prince Nayef bin Abdul Aziz

Amr Mohamed Moussa (left) and Prince Naif Bin Abdul Aziz (right)

All the members of the Arab League have recently signed some meaningless agreement to curtail terrorist financing.  If the press account is accurate, the news is meaningless because the “agreement” is for each nation to develop its own CFT policies and no standards are laid out for increased monitoring of suspicious transactions.  The Arab League might as well entitle the accord, “An Agreement to Disagree & Do Little.”

The agreement may be more of a publicity stunt to impress Western investors more than anything else.  Many of these 22 Arab countries won’t even sign on to the United Nation’s fairly weak International Convention for the Suppression of the Financing of Terrorism.  Therefore, the new Arab League agreement must be extremely bland in order for all of their members to commit to it. 

From the Saudi Gazette on Dec. 22:

CAIRO: Arab governments are getting together to fight terrorism by trying to dry up its supply of money, joining forces to battle money laundering.

The agreement to control money laundering is one of five signed by Arab interior and justice ministers. It calls on nations to set up their own programs to generate information and monitor money transfers.

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