Saudi Arabia’s full membership in the Financial Action Task Force (FATF) will further attract foreign investments, Al-Eqtisadiah has reported, citing Ahmed, Governor of the Saudi Arabian Monetary Authority (SAMA).
“This step will pave the way for foreign financial institutions operating in the Kingdom to expand their products and services, in line with Saudi regulations,” Al-Kholifey said.
He added that FATF membership will reinforce the engagement between Saudi and international financial institutions.
“SAMA is committed to impose tighter monitoring and measures on all sectors that are under its supervision, in addition to enhancing the awareness of related institutions about the risks of money laundering and financing terrorism,” Al-Kholifey stated.
He also highlighted the importance of enhancing the level of transparency, facilitating the access to information and implementing a functional model of risk-based oversight within these institutions.
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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