Recognising the threats posed by money laundering and terrorist financing operations to countries in the Middle East and North Africa Region; Whereas this threat can be effectively tackled through co‑operation between countries within the MENA Region; Recalling measures taken by the United Nations with regard to countering money laundering and the financing of terrorism; Recognising the Financial Action Task Force ("FATF") 40 Recommendations on Combating Money Laundering and Financing of Terrorism and Proliferation, the related UN Conventions and UN Security Council Resolutions, as the worldwide-accepted international standards in this regard, in addition to any other standards that are adopted by the Arab States to enhance the fight against money laundering and the financing of terrorism and proliferation in the region; Whereas the countries in the MENA Region should work jointly to comply with these standards; in order to establish an effective system which countries need to implement in a way that does not contradict with their cultural values, constitutional frameworks and legal systems; Accordingly, at an inaugural Ministerial Meeting held in Manama, Bahrain on the 30th of November 2004, the Governments of 14 countries decided to establish MENAFATF as a FATF Style Regional Body (FSRB). It was agreed that the headquarter of this body will be in the Kingdom of Bahrain. The MENAFATF is voluntary and co-operative in nature and independent from any other international body or organisation; it was established by agreement between the governments of its members and is not based on an international treaty. It sets its own work, regulations, rules and procedures and co-operates with other international bodies, notably the FATF, to achieve its objectives.