Saudi Arabia becomes first Arab country to join money-laundering watchdog

Paris-headquartered Financial Action Task Force (FATF) has granted Saudi Arabia full membership, making the Kingdom the first Arab country to join the organization.

This comes after Saudi Arabia submitted reports to the FATF outlining its efforts in combating money laundering and financing of terrorism and proliferation. 

The Kingdom's accession to the Financial Action Task Force is seen to enhance the capabilities and expertise of Saudi specialists through their participation in FATF’s discussions and activities.

Saudi Arabia's onboarding brings the number of FATF countries to 39 full members. Members include some of the most influential states in the world, such as the permanent members of the Security Council and most of G-20 countries.

Saudi Arabia is also a founding member of the Middle East & North Africa Financial Action Task Force (MENAFATF), which was established in November 2004.

In 2015, the Kingdom was invited to join FATF as an observer, in recognition of its international and regional status, its efforts in combating money laundering and financing of terrorism and proliferation, and its commitment to international standards and conventions.

The Kingdom completed its mutual evaluation process to join FATF by June 2018.

Ahmed Al-Kholifey, Governor of Saudi Arabian Monetary Authority (SAMA) and Chairman of the Anti-Money Laundering Permanent Committee (AMLPC), chaired the Saudi delegation that participated in the FATF plenary meeting.

AMLPC, which was established by a Saudi cabinet decision in 1999 and includes 13 government agencies, represents the Kingdom in meetings at FATF, MENAFATF, and other relevant international bodies and organizations.

FATF issues international standards, policies and best practices related to combating money laundering and financing of terrorism and proliferation. It also monitors their application in all members countries.