(MENAFN- Kuwait News Agency (KUNA)) JEDDAH, Oct 8 (KUNA) -- The first annual meeting of the Middle East and North Africa Regional Asset Recovery Network (MENA-ARIN) kicked off Wednesday in Jeddah with the participation of Kuwait's Supreme Attorney General Counselor Dr. Omar Al-Masaoud.
President of Saudi Arabia's Oversight and Anti-Corruption Authority (Nazaha) Mazen Al-Kahmous said in his opening speech that the meeting reflects a shared commitment to enhancing regional and international cooperation in combating financial crimes.
He noted that the two-day meeting saw participation from of senior representatives from member states, international organizations, and regional networks adds significance value to the meeting, underscoring the importance to unified efforts to tackle emerging challenges.
He explained that the meeting addresses shared priorities in confronting illicit assets linked to corruption, money laundering, and organized crime, emphasizing that overcoming these threats requires close cooperation and knowledge exchange.
For her part, Executive Director of the UN Office on Drugs and Crime (UNODC) and Director-General of the UN office at Vienna Ghada Waly congratulated the launch of the regional network, describing it as an effective platform for cooperation in asset recovery.
She cited international reports indicating that the Arab region loses around USD 60 billion annually due to illicit financial flows, while Africa loses nearly USD 88 billion for the same reason.
Chairperson of the Middle East and North Africa Financial Action Task Force (MENAFATF) Samya Abu Sharif said that the group worked diligently to support the network's establishment as a key international pillar.
Kuwait's delegation to the meeting is led by Supreme Attorney General Counselor Dr. Omar Al-Masaoud and Prosecutor at the Drugs and Alcohol Prosecution Office Abdullah Abu Sulaib.
The inaugural meeting marks the official launch of the network's operations, aimed at strengthening regional collaboration, fostering global partnerships, and developing more effective mechanisms to recover illicit assets and enhance integrity. (end)
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