FATF Rejects Saudi Membership, Citing Lack of Action Against Illicit Funding

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Saudi Arabia has failed to get full membership in the Financial Action Task Force (FATF), a global body aimed at fighting illicit money flows and terror financing.

The FATF announced Sunday that the kingdom had failed to meet the required standards on fighting money laundering and terror financing.

The 37-member inter-governmental body’s decision deals a blow to Riyadh’s plans to repair its image as a supporter of extremist, Wahhabi-inspired groups in a bid to lure in foreign investors and complete an ambitious plan to overhaul its oil-based economy.

The kingdom was rejected after undergoing what the FATF calls as the “mutual evaluation” procedure.

Read the original article here: hidayat.tv

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