Official local and international reports confirm the Kingdom's continuation in updating regulations related to combating money laundering, terrorist financing and arms proliferation financing, addressing them in accordance with international regulations.
The reports add that the Kingdom meets the international standards and requirements, and develops its legislative systems, a matter which makes it at the forefront of countries meeting the international standards in this field.
Among these reports is the report of the Anti-Money Laundering Committee of the Saudi Arabian Monetary Agency, issued in cooperation with the Counter-Terrorism Crime Committee headed by the State Security, according to assessments of the states of the Financial Action Task Force (FATF) that require countries to submit reports on progress in meeting the international standards on anti-money laundering, terrorist financing, and arms proliferation financing.
The report demonstrated the Kingdom's commitment in thirty-eight recommendations instead of thirty-six of the FATF’s forty recommendations.
The Kingdom has already culminated in its work by obtaining the membership of the FATF, which is concerned with issuing standards and policies and evaluating the international best practices for combating money laundering, terrorist financing and arms proliferation.
It is the first Arab country to gain such an international membership in appreciation of its concrete progress in this area.
In addition, the Kingdom has a national strategy to combat money laundering and terrorist financing, and a national plan of action to achieve these goals. This strategy was previously approved by the Council of Ministers, and aims to reinforce the effectiveness of the measures taken against these crimes.
The strategy confirms the continued commitment in the Kingdom’s application of the international standards and requirements to monitor and combat these crimes. Its regulations increased the penalties for those who commit the money laundering crime by imprisonment for periods of up to 15 years, and with fines of up to seven million riyals.
Day by day, the Kingdom proves that it has strong efforts and an awareness of the risks of money laundering and terrorist financing.
The global reports, including the FATF's report, has already praised the measures taken by the Kingdom in this field. They praised the great role that the Kingdom plays in the field of combating, as it goes on with its plans of development and ceaseless action to combat this phenomenon, in order to preserve the integrity of the national economy in all its sectors, and the integrity of the financial system and protecting it from money laundering crimes.