June 21, 2019 / 6:24 PM / 3 months ago

Saudi Arabia named full member of anti-illicit funding body

RIYADH, June 21 (Reuters) - Saudi Arabia has been granted full membership of the Financial Action Task Force (FATF), a global body dedicated to fighting illicit money flows, Saudi Arabia’s monetary authority said on Friday.

The kingdom had been previously denied membership after not having met criteria in anti-money laundering and counter terrorism financing, and its accession will be a boost to its standing with foreign investors.

“The Financial Action Task Force (FATF) Plenary Meeting, which was concluded on Friday, 21 June 2016, in Orlando, USA, granted the Kingdom of Saudi Arabia full Membership of the group,” the authority said in a statement.

Saudi Arabia is the first Arab country to obtain membership, the statement added. (Reporting by Ali Abdelaty and Stephen Kalin, Writing by Eric Knecht, Editing by William Maclean)

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