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ISLAMABAD, Oct 08 (APP/UNA):The first annual meeting of the Middle East and North Africa Asset Recovery Inter-Agency Network (MENA-ARIN) began in Jeddah on Wednesday by Saudi Arabia’s Oversight and Anti-Corruption Authority (Nazaha), the two-day event brings together officials and experts from across the region to enhance cooperation in tracing and recovering illicit assets linked to corruption and financial crimes.
Nazaha President Mazin bin Ibrahim Al-Kahmous said the launch of MENA-ARIN marks the beginning of a coordinated regional approach to combat financial crimes.
He said the initiative reflects the shared commitment of participating countries to improve collaboration and build capacity for asset recovery.
He highlighted Saudi Arabia’s continued focus on transparency and accountability under Vision 2030, noting that hosting the network’s permanent secretariat reaffirms the Kingdom’s role in advancing regional and global cooperation in this field.
Al-Kahmous said the establishment of MENA-ARIN was approved at the 39th general meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF) held in Riyadh in November 2024. The new network, he said, will help address challenges related to corruption, money laundering, and organized crime that undermine economic stability.
He added that the initiative represents a practical step toward building an effective regional mechanism for asset recovery and expressed hope that the network would strengthen the capacity of member states to reclaim stolen assets and protect their economies.
Speaking at the meeting, United Nations Office on Drugs and Crime (UNODC) Executive Director Ghada Waly commended Saudi Arabia and Nazaha for their leadership in countering corruption and economic crimes. She described asset recovery as central to efforts against corruption and money laundering, as it directly targets illicit profits and reinforces accountability and public trust.
Waly noted that despite global efforts, successful asset recovery cases remain limited, with less than 1% of illicit financial flows recovered. Citing UN and IMF data, she said illicit financial outflows reach an estimated $60 billion annually from the Arab region, $88 billion from Africa, and up to $2 trillion worldwide.
She said the challenge is increasing amid evolving criminal activity and new technologies that conceal financial crimes, emphasizing the need for strong international cooperation and technical expertise. She added that MENA-ARIN, now the ninth such network globally, will serve as a vital link within the international asset recovery system.
Representing the Camden Asset Recovery Inter-Agency Network (CARIN), Andrea Tirlia said the meeting sets the foundation for a lasting regional network. She praised Nazaha’s role in organizing the event and underlined the importance of practitioners who handle cross-border asset recovery efforts.
MENAFATF President Samiya Abu Sharif said the group supported creating the network to strengthen cooperation in identifying, tracing, freezing, and confiscating illicit assets. She said MENA-ARIN would promote information exchange, professional training, and trust among competent authorities, in line with international standards.
Abu Sharif reaffirmed MENAFATF’s commitment to supporting capacity-building programs to ensure member states can effectively implement asset recovery operations.
The meeting will continue on Thursday with panel discussions on regional collaboration and the network’s future strategy.