Riyadh, November 23, 2024 – In a significant step forward in global anti-corruption efforts, Saudi Arabia, represented by the Oversight and Anti-Corruption Authority (Nazaha), has successfully hosted the permanent secretariat of the Regional Asset Recovery Network in the Middle East and North Africa (MENA-ARN). This milestone was officially announced during the 39th meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF), reinforcing Saudi Arabia's role in international efforts to combat corruption, crime, and illicit financial flows.
The Kingdom's achievement was further acknowledged by the Camden Asset Recovery Inter-Agency Network (CARIN) Secretariat, which extended congratulations to Saudi Arabia for both hosting the permanent secretariat of MENA-ARN and assuming the presidency of the network in 2025. The announcement came during the 20th general meeting of CARIN held in Paris on Friday, highlighting the Kingdom's continued leadership in asset recovery initiatives.
CARIN’s Secretariat commended Saudi Arabia for its proactive role in establishing the network and hosting its secretariat. This pioneering initiative strengthens global efforts to track and recover illicit assets, advancing international cooperation in the fight against corruption and financial crimes. By creating the MENA-ARN, Saudi Arabia has contributed to the global movement of asset recovery, ensuring that law enforcement agencies, investigative bodies, and prosecutors from across the region collaborate in tracing and recovering illicit funds related to various criminal activities.
The establishment of MENA-ARN marks a major expansion of regional asset recovery networks worldwide, which now total nine. Collectively, these networks encompass more than 200 countries and territories, working together to trace and recover assets linked to corruption, organized crime, terrorism financing, and other illicit activities. The initiative will bolster international cooperation by connecting regional experts and authorities specializing in asset recovery, thereby enhancing global efforts to combat corruption and support sustainable development.
Nazaha expressed its gratitude to the CARIN Secretariat for its ongoing support and acknowledged the trust placed in Saudi Arabia by the MENAFATF member states. The authority reaffirmed its commitment to the success of MENA-ARN and its objectives, emphasizing the importance of strengthening collaboration and cooperation across the MENA region. Saudi Arabia’s leadership of the network represents a critical step toward enhancing the efficiency and effectiveness of asset recovery efforts, ensuring that illicit financial flows are intercepted and returned to their rightful owners.
As the Kingdom prepares to assume the presidency of the network in 2025, it is poised to continue fostering a collaborative environment for asset recovery across the region, reinforcing its commitment to fighting corruption, promoting transparency, and contributing to the global effort to secure a more just and sustainable world.
