#QuickBiteCompliance Day 135
GCC and Financial Crime: A Region of Opportunity and Risk
Imagine six friends forming a club to help each other grow and stay strong. They set rules to trade, build, and protect their interests. That’s what the Gulf Cooperation Council (GCC) does for its six member countries—Kuwait, Bahrain, Qatar, Saudi Arabia, Oman, and the UAE. Since 1981, the GCC has worked together on economy, industry, and security. It’s even a member of FATF, the global financial crime watchdog. But here’s the twist: its individual countries are not.
So, what does this mean for financial crime?
Some criminals exploit the GCC’s unique setup to move illegal money. Here’s how:
🔍 Regulatory Gaps – Since the GCC is an FATF member but its countries aren’t, criminals look for loopholes in individual regulations.
💰 Cross-Border Money Movement – With close economic ties, illicit funds can be shifted between member states before authorities can detect them.
📑 Trade-Based Money Laundering – Fake invoices and over- or under-valued goods help criminals clean dirty money under the guise of legitimate business.
The GCC is strengthening its fight against financial crime.
✅ Enhanced cooperation on AML policies
✅ Stronger financial intelligence sharing
✅ Technology-driven solutions to monitor transactions
Inclusive Regtech and Open Source AML solutions, like those in Mulai Console, are helping financial institutions stay ahead of bad actors.
By working together, the GCC can close loopholes and protect the region from financial crime.
🔗 Learn more: https://www.acams.org/en/resources/aml-glossary-of-terms
#InclusiveRegtech #OpenSourceAML #100HariNulis #FinancialCrime #GCC #AML #Compliance
