SAUDI ARABIA: FATF AML/CFT ASSESSMENT FOLLOW-UP REPORT

On 17 January, FATF published a follow-up report following the mutual evaluation of Saudi Arabia in 2018, after which the country (like many others) was put in the enhanced follow-up process.  FATF has upgraded the results in respect of 2 FATF Recommendations – 6 (Targeted financial sanctions related to terrorism and terrorist financing), from partially compliant to largely compliant; and 7 (Targeted financial sanctions related to proliferation), from partially compliant to largely compliant.  Such follow-up reports do not address the effectiveness ratings of a country.  The report also looks at whether Saudi Arabia’s measures meet the requirements of FATF Recommendations that have changed since the 2018 mutual evaluation, maintaining the rating of largely compliant for Recommendation 2 (National cooperation and coordination), but it 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.  As a result, Saudi Arabia is now compliant on 17 of the 40 FATF Recommendations and largely compliant on 21, remaining partially compliant on 2 of the 40 Recommendations.  Saudi Arabia will continue to report back to FATF on its progress.

http://www.fatf-gafi.org/media/fatf/documents/reports/mer4/Follow-Up-Report-Saudi-Arabia-2020.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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