Saudi Arabia’s full membership in the Financial Action Task Force (FATF) is a recognition of the concrete steps taken to implement anti-money laundering legislations and proceedings, Saudi Press Agency (SPA) reported, citing Mohammed Al-Jadaan, the finance minister.
Al-Jadaan added that this step is a clear indicator of the effective procedures adopted by the Saudi Arabian Monetary Authority (SAMA) and the Anti-Money Laundering Permanent Committee (AMLPC), which contributed in creating a strong base for combating money laundering, and financing of terrorism and proliferation across all sectors.
Saudi Arabia’s FATF membership will not be the last step in these efforts, as the Kingdom is committed to playing a key role in promoting global efforts with its partners and allies to fight money laundering and terrorism financing, he added.
The Kingdom was granted full membership of FATF during the group’s annual meeting on Friday in Florida, United States, to become the first Arab country to join money-laundering watchdog.
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