FATF president invites Saudi Arabia to apply for membership

The president of the Financial Action Task Force (FATF) has invited Saudi Arabia to apply for membership in the organization, which forms policies aimed at combating money laundering and terrorism financing.

The invitation came after a visit by a top delegation to the kingdom.

“Saudi Arabia is a strategically important country in the world economy. It is a G20 member country,” Roger Wilkins, president of FATF, said in a statement. “It has taken significant steps to combat money laundering and terrorism financing. For these reasons, FATF believes it is important for Saudi Arabia to become a member,” he added.

SAMA, or the Saudi central bank, currently has an anti-money laundering and terrorism financing task force to monitor financial transactions in the kingdom. The committee ensures that transactions abide by international standards and local regulations.

In order for the kingdom to join FATF, it will have to seek the approval of the body’s plenary group, which would conduct a detailed evaluation of its financial regulatory system.

“I think there is a great deal that FATF can learn from Saudi Arabia and it can make valuable contributions to the work of FATF,” Wilkins added.

FATF is an inter-government body that promotes regulatory and operational measures for combating global financial crimes, including money laundering and terrorism financing.