Saudi Arabia becomes first Arab country to get FATF membership

Saudi Arabia has become the first Arab country to be granted full membership of Financial Action Task Force (FATF) following its Annual General Meeting at Orlando in Florida, USA. Since November 2004, Saudi Arabia has been a founding member of the Middle East and North Africa (MENA) arm of the FATF group. Its full FATF membership comes after it was reported the Kingdom had made “tangible progress” for its efforts in implementing the FATF’s guidelines. FATF is responsible for issuing international standards, policies and best practices to combat money laundering, terrorist financing and proliferation. The FATF Secretariat is housed at the OECD headquarters in Paris. As of June 2019, there are 39 Member countries of FATF and policies drafted by FATF are highly regarded and treated as law.