Safwat Rusal, Head of the Anti-Money Laundering and Counter-Terrorist Financing Authority, affirmed Syria's full commitment to building a stronger, more transparent, and flexible financial system, with the determination to turn reforms into practical and effective steps to enhance compliance with anti-money laundering and counter-terrorist financing standards.
Rusal, in a speech at the General Meeting of the Financial Action Task Force (FATF) in Paris, stated that Syria views the development of its national anti-money laundering and counter-terrorist financing framework as a national responsibility linked to protecting the economy and safeguarding the integrity of the financial system.
Cooperation to Develop Legislation and Banking Modernization
Rusal noted that the Authority has begun, in cooperation with the World Bank, a national risk assessment to serve as a basis for understanding the nature and levels of risks. It is also working with the International Monetary Fund to review the relevant legislative framework.
In the banking sector, he explained that efforts are underway to develop customer due diligence requirements and improve data quality. Banks continue to develop name and transaction screening procedures, leveraging available technological systems to enhance screening accuracy.
He confirmed the issuance of Decision No. 1124 of 2026, adopting an electronic payment and transfer system in Syria, establishing a framework for regulating and licensing payment and electronic money service providers and payment system operators.
Mutual Evaluation and International Cooperation
Rusal said: "We recognize that institutional and legislative progress must be reflected in effectiveness and results. Therefore, we view the upcoming mutual evaluation as a national obligation requiring readiness, coordination, and sustainable implementation, not merely a review of texts and structures."
He highlighted the visit last July by a high-level delegation from the FATF Middle East and North Africa region to Damascus, which allowed for direct dialogue regarding Syria's preparations for the mutual evaluation.
He expressed appreciation for the initiative regarding the revision of the wording of the statement concerning countries that have not been able to progress in the path of international cooperation review, including Syria, describing it as a constructive step toward a clear and balanced image.
Sustainable Work Approach and Future Transparency
He clarified that while Syria is still in a recovery phase, it recognizes the importance and sensitivity of the upcoming stage. It approaches the mutual evaluation obligation seriously, understanding that it extends beyond legislation and institutional structures to examine the extent of implementation and the effectiveness of results.
Rusal concluded his speech by saying: "We look forward to continuing cooperation with the Financial Action Task Force, the FATF Middle East and North Africa region, member states, and international partners, based on mutual responsibility, transparency, and clarity in defining requirements and evaluating results."
It is worth noting that the Anti-Money Laundering and Counter-Terrorist Financing Authority, represented by its Head Safwat Rusal, participated in the General Meeting of the Financial Action Task Force (FATF) held yesterday, Friday, in Paris, chaired by the United Kingdom, after Syria's absence from participation for more than 15 years.
Source: Syrian Arab News Agency (SANA)
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