Saudi Arabia

Member since 2019

  • Saudi Arabia is one of the members of the Co-operation Council for the Arab States of the Gulf (GCC). The GCC is a member of the FATF. The member states of the GCC are:
    • Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates

Since the 2018 assessment of the Kingdom of Saudi Arabia’s measures to tackle money laundering and terrorist financing, the country has taken a number of actions  to strengthen its framework.

The Kingdom of Saudi Arabia (Saudi Arabia) has been in an enhanced follow-up process following the adoption of its Mutual Evaluation  in 2018. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since then.

To reflect the country’s progress, the FATF has now re-rated the following Recommendations:

6 – Targeted financial sanctions related to terrorism and terrorist financing from partially compliant to largely compliant

7 – Targeted financial sanctions related to proliferation – from partially compliant to largely compliant

The report also looks at whether Saudi Arabia’s measures meet the requirements of FATF Recommendations that have changed since the 2018 mutual evaluation. The FATF agreed to maintain the rating of largely compliant for Recommendation 2 (National cooperation and coordination). The FATF downgraded the rating for Recommendation 18 (Internal controls and foreign branches and subsidiaries) and Recommendation 21 (Tipping-off and confidentiality) from compliant to largely compliant. 

Saudi Arabia is now compliant on 17 of the 40 Recommendations and largely compliant on 21 of them. It remains partially compliant on 2 of the 40 Recommendations. 

Saudi Arabia's progress in strengthening measures to tackle money laundering and terrorist financing

17 Jan 2020

This follow report analyses Saudi Arabia's progress in addressing the technical compliance deficiencies identified in its 2018 Mutual Evaluation.
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Head of delegation

Saudi Arabia Follow-Up Report - 2020

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
C
R.4 - Confiscation and provisional measures
LC
R.5 - Terrorist financing offence
C
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
LC
R.7 - Targeted financial sanctions related to proliferation
LC
R.8 - Non-profit organisations
LC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
C
R.11 - Record keeping
C
R.12 - Politically exposed persons
C
R.13 - Correspondent banking
C
R.14 - Money or value transfer services
C
R.15 - New technologies
LC
R.16 - Wire transfers
LC
R.17 - Reliance on third parties
C
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
C
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
LC
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
C
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
LC
R.26 - Regulation and supervision of financial institutions
C
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
C
R.29 - Financial intelligence units
LC
R.30 - Responsibilities of law enforcement and investigative authorities
LC
R.31 - Powers of law enforcement and investigative authorities
LC
R.32 - Cash couriers
LC
R.33 - Statistics
PC
R.34 - Guidance and feedback
C
R.35- Sanctions
C
R.36 - International instruments
PC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

The report of the joint MENAFATF-FATF mutual evaluation of the Kingdom of Saudi Arabia was adopted by the FATF Plenary in June 2010. This report provides a summary of the anti-money laundering (AML) and combating the financing of terrorism (CFT) measures in place in the Kingdom of Saudi Arabiaat the time of the on-site visit. The mutual evaluation report describes and analyses those measures and provides recommendations on how certain aspects of the system could be strengthened. It also sets out the Kingdom of Saudi Arabia's levels of compliance with the Financial Action Task Force (FATF) 40 + 9 Recommendations.

Saudi Arabia Mutual Evaluation - 2018

IO1
SE
IO2
ME
IO3
SE
IO4
ME
IO5
ME
IO6
ME
IO7
LE
IO8
LE
IO9
SE
IO10
SE
IO11
LE

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