The Kingdom had been previously denied membership after failing to meet criteria in anti-money laundering and counter-terrorism financing and its accession will likely be a boost to its standing with foreign investors.
Sunday 23, June 2019 BY KUDAKWASHE MUZORIWA
The Financial Action Task Force (FATF) has granted Saudi Arabia a full membership, after almost four years as an observer.
The Saudi Arabia Monetary Authority (SAMA) started that joining FATF will help Saudi Arabia showcase its efforts in the field of combating money laundering, financing of terrorism and proliferation.
“The Kingdom's accession to the group will enhance its role in international forums and will highlight its efforts in the area of combating money laundering and the financing of terrorism,” SAMA said.
The accession of the Kingdom as a full member has increased the number of FATF members to 39.
Saudi Arabia’s elevation in FATF follows its narrow escape in March from being included in a planned European Union money-laundering blacklist.
The proposed EU measure stalled after objections by all but one of the bloc’s 28 governments, which lowered the risk of additional regulatory hurdles for banks doing business with the Kingdom.