Follow Up Report Saudi Arabia - January 2020
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 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. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since then.
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.