After almost four years as an observer, the Saudi Arabia has finally given the status of first Arab country to granted full membership of the global money laundering watchdog, Financial Action Task Force (FATF). The kingdom was accepted as the full member as the FATF celebrated the 30th anniversary of its first meeting held in Paris in 1989, the Saudi Press Agency reported.
Saudi Arabia had been a founding member of the MENA arm of the group since November 2004, and its full membership came after it was reported the kingdom had made “tangible progress” and for its efforts in implementing the FATF’s guidelines. The group is responsible for issuing international standards, policies and best practices to combat money laundering, terrorist financing and proliferation.
Joining FATF will help Saudi Arabia showcase “its efforts in the field of combating money laundering, financing of terrorism and proliferation,” Saudi Arabian Monetary Authority (SAMA) said in a statement.
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17 November, 2019