Saudi Arabia has become the first Arab country to join the\nFinancial Action Task Force (FATF) after its Plenary Meeting agreed to grant\nthe Kingdom full membership of the group at a meeting held in Orlando this\nweek.
\n
\nSaudi Arabia\u2019s accession comes as FATF celebrates its 30th anniversary and the\nfirst meeting it held in Paris in 1989.
\n
\nThe approval came after the submission of reports on the tangible progress made\nby the Kingdom, which outlined the measures and efforts that Saudi Arabia has\nmade in implementing the Action Plan approved by FATF, an inter-governmental\nbody that is fighting money laundering globally.
\n
\nThe Kingdom has been a founding member of the Middle East & North Africa\nFinancial Action Task Force since November 2004. In 2015, the Kingdom received\nan invitation from FATF to join the Group as an observer.
\n
\nThe invitation was made in recognition of the Kingdom’s international and\nregional status, its efforts and measures in the field of combating money\nlaundering and financing of terrorism and proliferation of arms, its compliance\nwith international standards and requirements, and its commitment to all\nrelevant international and bilateral conventions.
\n
\nThe Kingdom obtained an observer status in the Group in June 2015. In June\n2018, the Kingdom completed the mutual evaluation process. It proved the\neffectiveness and efficiency of the control measures carried out by the\nrelevant authorities in the Kingdom in the field of combating money laundering\nand financing of terrorism and proliferation. The results revealed the high\nlevel of effectiveness and efficiency of the control procedures.
\n
\nThe Kingdom’s accession to FATF is in line with its efforts and financial and\neconomic programs to achieve 2030 vision, which contributes to supporting the\ndevelopment of the national economy and enhancing the efficiency of the\nfinancial sector, which is one of the important objectives of the Financial\nSector Development Program under the leadership of the Ministry of Finance.
\n
\nWith the accession of the Kingdom, the number of FATF members increased to 39,\namong which are influential countries, such as the permanent members of the\nUnited Nations Security Council and most Group of 20 states.<\/p>\n","protected":false},"excerpt":{"rendered":"
Saudi Arabia has become the first Arab country to join the Financial Action Task Force (FATF) after its Plenary Meeting agreed to grant the Kingdom full membership of the group at a meeting held in Orlando this week. Saudi Arabia\u2019s accession comes as FATF celebrates its 30th anniversary and the first meeting it held in […]<\/p>\n","protected":false},"author":13,"featured_media":2764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[58],"class_list":["post-2763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-international-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=2763"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2763\/revisions"}],"predecessor-version":[{"id":2765,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2763\/revisions\/2765"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/2764"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=2763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=2763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=2763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}