MENAFATF

A regulated firm must be able to attribute activity to an identified person, and assets or accounts that make that impossible are barred at the licensed perimeter. This is a rule about attribution, not about whether amounts are public.

What MENAFATF actually says

The regional counterpart to the Asian body, and the reason the Gulf entries in this section rhyme with one another. Its members include every UAE and Gulf jurisdiction covered here, along with Egypt, Morocco, Tunisia and Algeria, and its evaluations are the route by which the global standards become national obligations. It is worth knowing about when reading the Gulf rulebooks, because the striking thing about them is not that they follow the standards but that several went further than the standards required, prohibiting anonymity-enhanced assets by name when the FATF recommendations ask only for risk-based treatment.

What this means for confidential transactions

Bubble is built for exactly this shape of obligation: amounts and balances live on chain as ciphertexts, computation happens without decryption, and the only disclosure path is an on-chain access list through which an authorized party - an auditor, a supervisor, a counterparty - can request scoped decryption. That is confidentiality from the public, not from the regulator.