Current Affairs

Saudi Arabia becomes 1st Arab country to get FATF Membership

Saudi Arabia has become the first Arab country to be granted full membership of the Financial Action Task Force (FATF) following the FATF's Annual General Meeting held in Orlando, Florida in the United States (US).
Saudi Arabia becomes 1st Arab country to get FATF Membership

Details:

  • Since November 2004, Saudi Arabia has been a Founding Member of the Middle East and North Africa (MENA) arm of the FATF group.
  • At the beginning of 2015, Saudi Arabia had received an invitation from the FATF as an Observer Member.
  • Now, the Kingdom's accession came as the global money laundering watchdog celebrated the 30th anniversary of its first meeting held in Paris (France) in 1989.
  • The full membership to Saudi Arabia comes after it was reported that the Kingdom had made tangible progress for its efforts in implementing FATF's guidelines.

What is the FATF?

  • It was established in 1989, with headquarters in Paris, France.
  • The FATF comprises of 37-Member Jurisdictions and 2- Regional Organisations namely Gulf Cooperation Council (GCC) and European Commission (EC).
  • With the Kingdom becoming a FATF member, the number of permanent members in the group is now 39.
  • FATF Plenary is FATF's decision-making body which meets three times per year.

What is the function of FATF?

  • The Financial Action Task Force is an international group responsible for issuing international standards, policies and best practices for combating money laundering, terrorist financing and proliferation and other related threats to the integrity of the international financial system.

One must know:

  • The FATF has notified that Pakistan failed to complete its action plan on terror financing and has strongly urged Pakistan to swiftly complete its action plan by October 2019 or else face consequences.

Question:

Q. Which country has become the first Arab country to be granted full membership of the Financial Action Task Force (FATF)?
a. Oman
b. Saudi Arabia
c. Qatar
d. Egypt
Saudi Arabia becomes 1st Arab country to get FATF Membership Saudi Arabia becomes 1st Arab country to get FATF Membership Reviewed by Neha Verma on June 25, 2019 Rating: 5

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