Saudi deplores EU for ‘high risk’ list inclusion

Saudi Arabia’s commitment to fighting money laundering and terrorist financing is a strategic priority for the Kingdom, Finance Minister Mohammed Al Jadaan said yesterday. “We will continue to develop and enhance our regulatory framework to achieve this goal.

We note the proposed revised list is subject to the approval of both the European Parliament and Council of Ministers,” he said. “Saudi Arabia notes with regret the European Commission proposed a revised list of “high risk” countries on money laundering and the financing of terrorism released on February 13, 2019, that includes Saudi Arabia despite several measures of reinforcement of its legal framework, which has led to increased co-operation with its counterparts.

“The Kingdom reaffirms that it is strongly committed to the common fight against money laundering and terrorism financing, a commitment that it shares with its international partners and allies. “Saudi Arabia - a member of the Global Coalition To Defeat ISIS and co-chair, with the United States and Italy, of the CIFG (the counter ISIS financing working group ) - has implemented over the years important laws and procedures with the aim of fighting Money Laundering and Terrorism Financing and mitigating associated risks. In addition, the Mutual Evaluation Report on Saudi Arabia, published by the Financial Action Task Force (FATF) in September 2018, commended Saudi Arabia on the level of its technical compliance with the FATF’s recommendations.”

  “The FATF report shows that the Kingdom’s anti-Money Laundering and Combating the Financing of Terrorism (AML/ CFT) preventive measures are strong and well established. The Kingdom has furthermore an established legal framework and coordination process for implementing UN targeted financial sanctions on terrorism without delay.”