JEDDAH: Saudi Arabia has become the first Arab country to be granted full membership of the Financial Action Task Force (FATF).
According to the Arab News, the Kingdom of Saudi Arabia (KSA) was admitted into the global money laundering watchdog following the group’s Annual General Meeting in Orlando, Florida.
Earlier in 2015, the Arab state had received an invitation from FATF at the beginning of 2015 to join as an “observer member”.
In a statement issued, the FATF has also expressed concern at the risks emanating from Iran posed a threat to the international financial system. The FATF reaffirmed that it will continue to monitor Iran’s Action Plan, and has warned that if by October 2019, adding that the FATF will re-impose select additional counter-measures on Iran if it does not ratify the Palermo and Terrorist Financing Conventions in line with the FATF standards.
The number of permanent members in the group rises to 39 after Saudi Arabia becoming FATF full member.
