Saudi Arab becomes first Arab country to be granted membership of FATF
JEDDAH: Saudi Arab has become the first Arab country to be granted full membership of the Financial Action Task Force (FATF).
Saudi Arab which had received an invitation from FATF at the beginning of 2015 to join as an “observer member,” was admitted into the global money laundering watchdog following the group’s Annual General Meeting in Orlando, Florida.
The FATF while agreeing to admit Saudi Arabia as its newest member, expressed concern at the risks emanating from Iran posed a threat to the international financial system.
The United States, which completed its presidency of the FATF, said it was looking forward to Saudi Arab’s active participation and contributions toward advancing the FATF’s goals, News Agency reported.
With Saudi Arab becoming a FATF member, the number of permanent members in the group rises to 39.