The KSA is a permanent member of FATF
The Financial workers Group (FATF) agreed to grant Saudi Arabia observer membership in its most recent meeting, on Friday 2019/6/21 in Orlando, USA.
Thus, the Kingdom is the first Arab country to gain this membership, in exchange for efforts to combat money-laundering crimes, combat terrorism and curb the spread of weapons.
The results of the mutual assessment conducted by the group during 2017-2018 in partnership with the Middle East and North Africa Financial Action Group (MENA-FATF) demonstrated the efficiency and effectiveness of the precautionary measures and punitive organizations taken by the Kingdom government prior to these criminal activities.
The Financial Action Group is one of the most important international corporate figures involved in financial control and the integrity of the international financial system, and after the Kingdom’s membership it has become a permanent member of 39 countries.
This membership entitles the Kingdom to participate in the development of general standards and legal measures aimed at protecting the international financial system, and ensuring the effectiveness of punitive national legislation and precautionary measures to address every threat to global financial security.
