Financial Crime World

Saudi Arabia Strengthens Its Anti-Money Laundering Defenses with FATF Cooperation

Saudi Arabia is reinforcing its commitment to combating money laundering, terrorist financing (CFT), and the proliferation of weapons of mass destruction through a series of collaborative workshops and seminars with the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF).

Recent Collaborations

  • 9th Compliance and Anti-Money Laundering Seminar: His Excellency the Governor paid tribute to the members and secretariat of the Anti-Money Laundering Permanent Committee and discussed the ongoing mutual evaluation report in the AML, CFT, and proliferation field.
  • Money Laundering and Terrorist Financing National Risks Assessment Workshop: FATF shared insights about Saudi Arabia’s first follow-up report with peers. The IMF and the Anti-Money Laundering Permanent Committee collaborated on a workshop in Riyadh on “Financial Intelligence of Money Laundering Crimes.”
  • FATF Membership: Saudi Arabia’s FATF membership is a crucial step to enhance its role in international forums and stay updated on the latest AML/CFT measures.
  • Additional Workshops: Topics such as trade-based money laundering, tax evasion investigations, and money laundering investigations related to procurement fraud cases were covered in other workshops.

The Importance of Anti-Money Laundering Efforts

As a spokesperson for the Anti-Money Laundering Permanent Committee stated, “Money laundering offenses pose a serious risk to the economic and social aspects of any country.” Such initiatives aim to:

  • Ensure financial institutions, law enforcement agencies, and regulatory bodies remain vigilant in combating financial crimes.
  • Bolster Saudi Arabia’s ongoing efforts to maintain a robust financial system.
  • Underscore the country’s pivotal role on the global stage in promoting financial transparency and stability.

Recent Developments and Forums

  • 12th Compliance and Anti-Money Laundering Forum: The forum took place under the auspices of the Governor of the Central Bank of Saudi Arabia.
  • Annual Report (2019) and Fighting Terrorism Financing Symposium: The Anti-Money Laundering Permanent Committee recently issued its annual report (2019) and completed a symposium on the importance of fighting terrorism financing.