Saudi Arabia joined Financial Action Task Force (FATF) as an Observer Member at the third FATF Plenary meeting of Plenary year FATF-XXVI, which was held in Brisbane, Australia in June. Observer Membership is a prelude to full membership.

The Saudi Arabian Monetary Agency (SAMA) said today in a statement that the move by FATF is a recognition of the Kingdom’s adherence to FATF’s standards and that the Kingdom has been a member of the Middle East and North Africa Financial Action Task Force (MENAFATF) since 2005.

During a visit to the Kingdom in June, SAMA said that FATF President Roger Wilkins praised the Kingdom’s role in “combating money laundering and the financing of terrorism – in particular, through the actions of the Anti-Money Laundering Permanent Committee.”

SAMA added that “the journey to Full Membership will include a countrywide assessment of the ability to combat money-laundering and terrorist financing, and the close collaboration of all relevant authorities in the Kingdom.”

“This achievement demonstrates the sophistication of our systems of internal procedures and the acknowledgement of the close working relationship of our relevant authorities.”