An Agreement of Cooperation between BAU And Union of Arab Banks

An Agreement of Cooperation between Beirut Arab University the Union of Arab Banks and was signed by the President of Beirut Arab University Prof. Amr Galal El Adawi  and the Secretary General of the Union of Arab Banks Mr. Wissam Fattouh at Issam Houri Hall at Beirut Arab University- Beirut Campus. The agreement stipulates the establishment of a Master’s Diploma specializing in Combatting Money Laundering and Funding Terrorism which is the first program of its kind to be taught in Arabic. 
The signing ceremony was attended by Prof. Nehale Mustafa, the Dean of the Faculty of Business Administration at Beirut Arab University, as well as a number of Academic Staff at the University and a delegation from the Union of Arab Banks.
The ceremony opened with a speech delivered by Mr. Wissam Fattouh, Secretary General of the Union of Arab Banks. He highlighted the importance of the agreement, in terms of disseminating the culture of combating money laundering and funding terrorism. He maintained that the current aggravation of extremism and terrorism, endangering the remains of stability both socially and economically, necessitated a practical initiative aiming at providing the banking sector with professional graduates, specializing in combating money laundering and funding terrorism. Realizing the importance of this initiative in the Arab Region, the Union of Arab Banks, in cooperation with Beirut Arab University, launches a Master’s Diploma specializing in combatting money laundering and funding terrorism. It is the first program of its kind to be taught in Arabic in accordance with international standards. The program aims to provide graduates of the Faculty of Business Administration, Economics, Financial and Banking Sciences of its various branches and specializations, and graduate new recruits in the Arab banking sector, and employees whose responsibilities overlap with the contents of the program. They will be provided with the necessary information in accordance with the regional and international legal and legislative requirements. Students of the program will also cover case studies of banking processes which qualifies them competitively and professionally for the job-market.
Mr. Fattouh argued that the issue of money laundering and funding of terrorism is one of the most serious dangers threatening the stability of the international financial and economic system, as well as the security and the sovereignty of the states. 
After presenting the topics and courses that the program will include, Mr. Fattouh said, “It is the responsibility of the Guiding Committee to develop this program. The Committee is a scientific that we formed, consisting of members with a long experience in combating money laundering and the funding of terrorism, gained from their up-dated knowledge and the positions they occupy in the Arab banking sector.
The Committee offers advice on the flexible curriculum, to ensure its efficacy, in particular in light of the changes and developments in this important domain of banking, taking into consideration the specificity and laws of each Arab country. In addition, the Committee is entrusted with other tasks and duties.” 
Mr. Fattouh concluded by saying, “It is important in the end to clarify that since we are aiming at encouraging graduates and bankers to enroll in this program, the certificate will count towards credit hours in accordance with University regulations, as part of the Master Degree on Combating Money Laundering that the Faculty of Business Administration at BAU is intending to launch soon.
The President of Beirut Arab University Prof. Amr Galal El Adawi delivered a speech praised the current cooperation between the Union of Arab Banks and BAU. He further indicated that the University welcomes any other cooperation with all similar organizations.
Prof. Adawi emphasized the importance of the signed agreement, stating that it will have a direct and positive impact in terms of the regional issues, in particular those relevant to money laundering and funding terrorism. The aim is to raise the awareness of Arab youth as to this issue.
He further added that the agreement will offer learners a specialized diploma in combating money laundering, which will have a direct impact upon the events happening in the Arab World. It will also pave the way for a sustainable cooperation with the Union of Arab Banks.