In a world increasingly fractured by regional conflicts and economic uncertainty, the traditional lines of geopolitical alignment are being redrawn.
As Saudi Arabia prepares to host the “Sanctions, AML & CFT for Banking & Finance” conference, the participation of French Senator Nathalie Goulet underscores a critical dimension of this partnership: the joint fight against financial crime, a battle she describes as fundamental to regional security. Simultaneously, the words of EU Special Envoy Luigi Di Maio paint a broader picture of a “partnership of utmost importance,” where this financial cooperation is just one thread in bloc-to-bloc collaboration.
A “war on dirty money”
The conference in Riyadh (October 21-22, 2025), organized by NielsonSmith, is more than a technical gathering of compliance officers, reflecting the broader global economic struggle. Senator Goulet, a member of the French Senate Finance Committee, laid bare the staggering scale of the challenge in an interview with Asharq Al-Awsat: between $2 trillion and $5 trillion in “dirty money” circulates through the global financial system annually and is directly tied to transnational threats.
“Dirty money is also funds that fuel terrorism,” Goulet stated, framing Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) not as bureaucratic hurdles, but as direct actions for “security and stability.” This shared understanding forms the bedrock of French-Saudi and, by extension, EU-GCC cooperation in this field.
Goulet’s revelation of ongoing, hands-on collaboration is significant. She confirmed working closely with the Saudi Shura Council, the Saudi Central Bank (SAMA), and even intelligence services through specialized workshops. This level of engagement indicates a relationship that has moved beyond memoranda of understanding into the realm of operational knowledge-sharing and capacity-building. It signals a European trust in Saudi institutions and a Saudi willingness to adopt and adapt international best practices.
The comprehensive agenda of the Riyadh conference tackles the most pressing challenges head-on:
- Digital frontier: The focus on virtual assets and fintech acknowledges that criminals are rapidly innovating, and regulators must race to keep up. Goulet warned that these technologies, while offering great opportunity, “pose unique risks that require robust and adaptable compliance frameworks”.
- AI arms race: The exploration of Artificial Intelligence and blockchain for AML efforts highlights a shift towards a more proactive, tech-driven defense. However, Goulet cautions that integrating these tools while minimizing false positives is a complex task, one that requires the kind of expert dialogue the conference facilitates.
- Trade finance loophole: Discussing complex money-laundering schemes in trade finance is particularly relevant for a trade hub like Saudi Arabia. Criminals exploit the complexity and volume of international trade to hide illicit funds, making this a priority for a nation central to global supply chains.
Goulet identified the core challenge as one of coordination. “Coordinating regulatory efforts across different jurisdictions, each with its own legal frameworks…can hinder timely and effective action,” she observed. This is precisely why forums like the Riyadh conference are so vital; they create the personal and institutional networks that can bypass bureaucratic inertia.
The bigger picture
While financial experts convene in Riyadh, the diplomatic track between the EU and the GCC is running in parallel at an accelerated pace. In his interview with Asharq Al-Awsat, EU Envoy Luigi Di Maio was unambiguous about the partnership’s priority. “The partnership with the Gulf is of utmost importance,” he stated, defining the GCC as a “neighboring region” with shared interests in trade, security, energy, and innovation.
“The main challenge…was learning to work on a bloc-to-bloc basis,” Di Maio admitted. He noted that both the EU and GCC were originally designed for internal cooperation, not external action. Building the foundations for this new level of engagement is a work in progress, but the progress has been “remarkable.” In just one year, cooperation has expanded to include maritime security, counterterrorism, cybersecurity, and nuclear non-proliferation.
Saudi Arabia’s role in this partnership is, in Di Maio’s view, “pivotal.” He highlighted two critical areas where Riyadh’s influence is indispensable: Ukraine and Gaza.
On Ukraine, Saudi Arabia has emerged as a credible diplomatic intermediary for Europe, playing a role in prisoner exchanges that few other nations could. On Gaza, Di Maio was even more explicit, crediting the Kingdom as Europe’s “main partner” in launching the Global Alliance for a Two-State Solution. This collaboration directly contributed to the wave of recognitions of Palestinian statehood at the latest UN General Assembly. This shared commitment to a two-state solution, at a time when the foundations of international order are being tested, forms a core part of their shared principles.
Financial integrity as the bedrock of a deeper alliance
The connection between Senator Goulet’s technical focus and Ambassador Di Maio’s strategic vision is notable. A stable, secure, and trustworthy partnership is built not only on high-level diplomacy but also on mutual approaches to ensuring economic security—in this case, fighting financial crime.
For the EU, Saudi Arabia being a vigorous and sophisticated partner in AML/CFT is safer for European investments in the country, more resilient to the corrupting influence of illicit finance, and a more reliable ally in combating terrorism, something both blocs fear. The workshops Goulet leads with SAMA and Saudi intelligence are as much aimed at building security as joint naval exercises.
Conversely, for Saudi Arabia, particularly under its Vision 2030, positioning itself as a global hub for finance and trade requires signaling to the world that its financial system is clean, transparent, and robust. Through hosting a premier international conference on sanctions and compliance, and showcasing its collaboration with European regulators, Saudi Arabia is aiming to build that confidence. It signals to international investors that Riyadh is open for business and a responsible and secure place to conduct it.
This synergy extends to the most tangible issue for Gulf citizens: travel. Di Maio’s update on the Schengen visa exemption process is a direct benefit of this warming relationship. The systematic granting of five-year visas to GCC nationals is a unilateral EU concession unmatched for any other region. The active work towards a full, reciprocal visa-free regime, while complex, signals a level of trust and integration that was unthinkable a decade ago.
Riyadh 2026
From the Kuwait meetings on regional security to the upcoming GCC-EU Business Forum, relations have plenty of opportunities to be strengthened. The next major milestone is the second EU-GCC summit, scheduled for Riyadh in 2026.
The collaboration detailed by Senator Goulet and Ambassador Di Maio reveals a maturing partnership. The relationship is being built from the ground up, from screening for suspicious financial transactions to high-level diplomatic accords on regional peace. In a world of shifting alliances, the EU and the GCC are adopting a shared approach to issues of security and prosperity.
Vanessa Sevidova, post-graduate student at MGIMO University and researcher on the Middle East and Africa
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