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Saudi Central BankSaudi Central BankNewsThe Kingdom of Saudi Arabia’s Accession to Observer Member in FATF
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The Kingdom of Saudi Arabia’s Accession to Observer Member in FATF
8/2/2015 12:00 AM

 
The Kingdom has clearly demonstrated, at the highest level, a sound understanding of the requirements of the Financial Action Task Force (FATF) standards and methodology.
Riyadh, June 30, 2015: The Kingdom of Saudi Arabia has been a member of the Middle East and North Africa Financial Action Task Force (MENAFATF), a regional group of FATF, since 2005. On June 26, 2015, during the Plenary Meeting in Brisbane, Australia, FATF member countries unanimously supported Saudi Arabia’s promotion as an observer member. To achieve this status, considerable efforts to implement legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system have been recognised by the FATF high-level mission that visited the Kingdom in early June 2015. A delegation led by FATF President Roger Wilkins, met with the Ministers of Finance, Justice, and Social Affairs, as well as the Deputy Ministers of Interior, Foreign Affairs, and Commerce and Industry; as well as holding discussions with the Vice Governor of the Saudi Arabian Monetary Agency, the Head of the Saudi Arabian FIU, the General Manager of Saudi Customs, the Chairman of the Capital Market Authority, and the Governor of the Investigation and Public Prosecution Authority.
The positive impressions gained by the high-level mission were echoed at Plenary meeting of FATF. The President of FATF praised the Kingdom in its role to combating money laundering and the financing of terrorism – in particular, through the actions of the Anti-Money Laundering Permanent Committee, headed by His Excellency the Governor of the Saudi Arabian Monetary Agency. Based on the above and results of previous assessments, the Kingdom of Saudi Arabia was voted as an Observer Member in the international FATF organisation.
Saudi Arabia role’s in MENAFATF will become even more important as it will take a leading role in ensuring the FATF standards are properly implemented. The journey to Full Membership will include a countrywide assessment of the ability to combat money-laundering and terrorist financing, and the close collaboration of all relevant authorities in the Kingdom.
This achievement demonstrates the sophistication of our systems of internal procedures and the acknowledgement of the close working relationship of our relevant authorities.
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