The Kingdom of Saudi Arabia created history by becoming the first Arab country to get the Financial Action Task Force (FATF) membership. The decision came in the group’s annual general meeting in the USA. Saudi was admitted into the organization after the group’s meeting in Orlando, Florida on 21 June.
The international money laundering watchdog has celebrated the 30th anniversary of its first meeting held in Paris in 1989. Saudi Arabia has been appointed as an observer member in 2015. The number of permanent members in the group has risen to 39.
Saudi Arabia is the founding member of MENA from November 2004.
The group is responsible for issuing international standards, policies and best practices to combat money laundering, terrorist financing, and proliferation.