The Anti-Money Laundering Permanent
Committee (AMLPC) has issued its Annual Report, which presents the most
important and prominent efforts, steps and achievements made during 2019.
The report indicates that the Kingdom
was granted the membership of the Financial Action Task Force (FATF) in 2019, becoming
the first Arab country to obtain membership in this organization. With the
Kingdom obtaining membership, the number of members within FATF at present
becomes (39) members. The FATF’s membership goes in line with the Kingdom's financial
and economic efforts and programs along with 2030 Vision. It also aims to
support the development of the national economy and increase the efficiency of
the financial sector, which is one of the important objectives of the financial
sector development program.
In addition, the report states that
since its formation, the AMLPC has been seeking to strengthen the legal and
institutional framework for Anti-Money Laundering (AML), identify the relevant
activities and update them in line with the international standards. Most
importantly, the introduction of fundamental reform to the AML Law to make the
legal framework consistent with the updated recommendations of the FATF. This
is in accordance with the Royal Decree No. (M/20) dated 2/5/1439 AH
corresponding to 26/10/2017, issuing the AML Law that covers many international
requirements and developments, and issuing the executive regulations of the Law
on 19/2/1439 AH corresponding to 9/11/2017.
For further details, you can view the
annual report on the website of the AMLPC via the link: