Saudi Arabia on track to receive FATF's permanent membership

Saudi Arabia will continue to complete its accession procedures and obtain permanent membership after fulfilling the Financial Action Task Force's (FATF) membership process and criteria, the Paris-based group said in a statement.

The Kingdom has provided a high-level political commitment to reach the expected results within a reasonable timeframe and has prepared a plan of action to be reviewed by the FATF, it added.

FATF adopted the assessment of the Saudi Anti-Money Laundering and Terrorist Financing Framework in June 2018.

Last month, the group said that Saudi Arabia has a strong legal framework to implement targeted financial sanctions imposed by the UN on terrorists without delay.

In June 2015, FATF had unanimously adopted a resolution granting Saudi Arabia an observer seat, after a task force delegation commended the Kingdom's prominent role in combating money laundering, the financing of terrorism and the proliferation of armament.