Financial Action Task Force (FATF) discussed Saudi Arabia’s Mutual Evaluation Report on the area of Anti- Money laundering and Combating Financing Terrorism and Proliferation, during its joint meeting with Middle East and North Africa Financial Action Task Force (MENAFATF), on 10-15/10/1493 corresponding to 24-29, June 2018 in Paris, France. The report prepared by international experts from both FATF and MENAFATF.
According to the FATF’s statement, the report was based on the FATF’s methodology; and it included key findings, and recommended actions, taking into account the effectiveness of AML/CFT and proliferation measures, the level of Kingdome’s technical compliance with the FATF’s recommendations. FATF is expected to release the report on September 2018 based on its internal procedures.
However, It should be noted that the report has gone through several stages in which representatives from all concerned authorities with AML/CFT and proliferation in the Kingdom, in coordination with the Anti- Money Laundering Permanent Committee (AMLPC). The process of mutual evaluation is one of the most important procedures associated with obtaining a permanent membership in the group, while the procedures are still in progress in this aspect.
On his part, His Excellency the governor of the Saudi Arabian Monetary Authority (SAMA) and Chairman of the AMLPC, Dr. Ahmad Al-kholifey, expressed his thanks and appreciations to all authorities concerned with money laundering, terrorist financing, and proliferation. He also thanked the relevant committees in the Kingdom for their cooperation with the AMLPC through the process of the mutual evaluation.
It is worth mentioning that, in 1436H (2015), the Kingdom received an invitation to join The FATF, which is setting standards body at the international level, on the procedures, and policies to combat money laundry, and financing terrorism, and proliferation. The Saudi Cabinet has approved to start the procedures for joining this international organization. The invitation to the Kingdom came as recognition of its international and regional status and its strategic importance in the region and in appreciation of the efforts made to combat the money laundering, and financing terrorism, and proliferation, as well as its compliance with the international standards and requirements in this regard. Since June 2015, Saudi Arabia has been occupying an observer seat in FATF.