SAUDI ARABIA ACHIEVES FULL MEMBERSHIP IN THE FINANCIAL ACTION TASK FORCE (FATF)
June 28, 2019
On Friday, June 21, the Financial Action Task Force (FATF) granted the Kingdom of Saudi Arabia full membership. Saudi Arabia is the first Arab country to gain membership to the elite intergovernmental body, underlining its commitment to leadership in the region and around the world on combating terror financing. This significant milestone demonstrates Saudi Arabia’s sustained and institutional engagement on combating the scourge of terrorist financing around the world. The Kingdom’s official accession to FATF will take place in October 2019. The Financial Action Task Force is an inter-governmental body dedicated to promoting the effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other threats to the integrity of the international financial system. Membership requires a full endorsement of FATF practices.