The Banking Executive Magazine - Issue 150, June 2021

and appreciation to H.E. Governor Herodotou represented by Mr. Neop- tolemou, Mr. Kammas, Mr. Tannnousis, and our Colleagues from the Central Bank of Cyprus, the As- sociation of Cyprus Banks and Cyprus Investment Promotion Agency for their continuous cooper- ation with the Arab banks and their representative organizations to sup- port the Cypriot-Arab banking rela- tions and the Arab banking community presently active in Cyprus. I also wanted to extend special thanks to a long-time colleague in the Lebanese and Arab banking spectrum and an international bank- ing professional whom I am also proud to call my friend – Dr. Shadi Karam. Dr. Karam represented the Lebanese banking sector in the finest manners in Union of Arab Banks events and meetings regionally and internationally, whereby I have learnt a lot from him and his expertise which are highly sought after, and who is driving Astrobank further up- wards. Ladies and gentlemen, Combating money laundering and terrorism financing is an essential matter and a serious concern for the entire globe, as the committers of or- ganized crime and illegal financial activities dedicate all their skills and capabilities to penetrate the global banking systems. This has made the banking systems one of the most im- portant “battlefields” against money laundering and terrorism financing. The effective application of anti- money laundering and terrorist fi- nancing laws and regulations requires the exploitation of all avail- able knowledge, expertise, and com- petencies by all concerned sectors and institutions, which necessitates the availability of qualified and well trained human resources, whether working in law enforcement agen- cies, banks and financial institutions, or central banks and regulatory and supervisory authorities. Conse- quently, our Forum today aims to be a platform for AML/CFT capacity building and promoting compliance culture and practices. Moreover, in order for anti-money laundering and terrorist financing measures to be effective, everyone must understand the risks and weak- nesses that can be exploited by crim- inal and terrorists to penetrate the financial system defense lines. More- over, the compliance with anti- money laundering and terrorist financing laws and regulations in fi- nancial institutions requires a high commitment at all levels. Ladies and gentlemen, The Union of Arab Banks and the World Union of Arab Bankers have a long history of coordinating the re- gional efforts to protect the Arab fi- nancial sector and the broader economy from the risk of leakage of dirty money. In this regard, the two organizations have organized and executed over the past decade a very large number of national, regional and international activities, to raise the awareness among Arab banks and financial institutions about the repercussions of money laundering and terrorist financing risks on the Arab economies and societies, and to take the necessary protection measures. Ladies and gentlemen, The World Union of Arab Bankers seeks to tighten the bonds between the Arab banks and the Cypriote banks and the Cyprus central bank. This is based on the long-history eco- nomic, financial, banking, invest- ment, and trade relationships between Cyprus and the Arab coun- tries. Particularly, the presence of a large number of Arab banks – mainly Lebanese banks – in Cyprus, and the Lebanese investments in Cyprus, which consider the Island as their second home. Therefore, we aimed from this Forum to exchange with our colleagues from the Cypriot banking system the views and expe- riences about AML concerns, views and experiences. Ladies and gentlemen, I thank you again for your presence and I hope we all will benefit from the presentations and the discus- sions, to boost our knowledge about AML, and particularly about the new global AML rules and regulations. Thank you for your attention. the BANKING EXECUTIVE 46 ISSUE 150 JUNE 2021