The Anti-Money Laundering Permanent Committee issues its Annual Report (2019)

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 following link: 

AMLPC Annual Report 2019.