ABA Corporate Member, Themis, has produced a useful briefing note on Trust and Company Service Providers (TCSPs) in the MENA region and how TCSPs can be used for illicit purposes.
Themis says that the MENA region faces significant financial crime risks related to the absue of TCSPs. This is partly due to many countries in the region having under-regulated TCSPs, but also to many countries having gaps in regulations related to beneficial ownership transparency.
In its latest ‘Greylist’, FATF idenfitied several MENA countries with strategic deficiencies that involved the TCSP sector, including the UAE, Jordan, Morocco and Turkey.
The Themis report provides an overview of key financial crime risks related to TCSPs in the MENA region, and advice on how to maintain robust AML/CFT practices with a view to identifying and mitigating these risks.
The report is attached below.