Abu-Ghazaleh Calls for Establishment of “Arab Accounting Compliance Law” by an Arab Consortium

HE Dr. Talal Abu-Ghazaleh, founder and chairman of Talal Abu-Ghazaleh Global (TAG.Global), called for the establishment of an Arab taskforce to draft an ‘Arab Compliance Law for Accounting’, with full authority to supervise its application by the Arab League.

During his keynote speech at the Annual Compliance Experts Forum entitled “Compliance with the US and European Anti-Money Laundering and Counter-Terrorist Financing Laws”, Dr. Abu-Ghazaleh underlined the importance of discussing the impact of technological advancements on the accounting profession, benefiting, at the same time, from the significant experiences and the progress achieved in this profession in the USA, Europe, and other countries worldwide.

He also pointed out that the drafting of the International Accounting Standards (IAS) should allow countries to add their own “local context” in accordance with their applicable laws, rather than on the basis of imposed laws regardless of their compliance with domestic laws.

Furthermore, Dr. Abu-Ghazaleh referred to the importance of investing in and following on the global digital transformation, especially at the financial institutions level, declaring his agreement, his full support and full compliance. “We, at TAG.Global, apply an accounts program for purposes of issuing reports to our clients regarding their financial statements; which is a special compliance program based on various international standards and decisions” he said, adding: “TAG.Global has developed a tailor-made program for each client, that takes into consideration the local requirements in each of the countries where we provide our services”.

He added, “The ‘digital transformation’ trend, internationally, imposed by the Coronavirus (COVID-19) pandemic,  has enhanced the reliance on “digital services” and the world has experienced an unprecedented increase in the emergence of “Digital Banking Channels” and “Digital Wallets”, that is in addition to the rise of new customers in the world’s financial system, which necessitated the formulation of policies related to financial transactions such as: checking the identity of clients and tracking the movement of funds”.

Dr. Abu-Ghazaleh also brought up a number of disadvantages of digital financial transactions including the exploitation of “digital transformation” in money-laundering and terrorist financing activities which would directly and negatively affect the reputation of countries and their financial stability.

This meeting was organized by the World Union of Arab Banks in cooperation with the Association of Banks in Jordan. The Secretary-General of the Union, Mr. Wissam Fattouh, and the General Director of the Association, Dr. Maher Al-Mahrouq delivered speeches at the opening of the ceremony.