In its fifteenth annual report, published last week, the Financial Action Task Force (FATF) praised measures put in place by the government of Saudi Arabia to prevent money laundering and terrorist financing activity.
In its evaluation of the country, the FATF observed that:
"[The] Saudi authorities have focused heavily on systems and measures to counter terrorism and the financing of terrorism. Specifically, they have taken action to increase the requirements for financial institutions on customer due diligence, established systems for tracing and freezing terrorist assets, and tightened the regulation and transparency of charitable organizations.”
Speaking to the Menareport.com news service following the release of the report, Adel Al-Jubeir, Foreign Affairs Advisor to Crown Prince Abdullah welcomed the FATF's comments, announcing that:
“When the FATF’s team of experts visited Saudi Arabia, they were able to witness firsthand Saudi Arabia’s serious efforts to guard against money laundering and terrorist financing. This evaluation should make it clear to all that the actions Saudi Arabia has taken are decisive and effective.”
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