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

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Language

English

Country

Saudi Arabia

Follow Up Report Saudi Arabia - January 2020

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Follow-Up-Report-Saudi-Arabia-2020.pdf
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17 January 2020 – 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 AML/CFT 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.

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 will continue to report back to FATF on its progress.

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

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

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

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