FATF Member, Saudi Arabia, Winning the World Money Laundering Race

During a virtual meeting on Monday, the FATF supported Saudi Arabia to combat money laundering and other financial crimes. 2019 was a great year for the state since it obtained full membership of the Financial Actions Task Force. The membership was proof that the state is eager to eradicate money laundering. However, the recent scenarios are indicating an opposite approach of the country. 

Saudi Chief Justice and seven other judges have been arrested, and on October 6, 2020, all of them were prosecuted for bribery, influence peddling, and money laundering. This is the latest crackdown on high-profile fraudsters in the country, according to Gulf News. 

Trial for chief justice was held who was charged with money laundering, office abuse, and bribery too. Some sources have also stated that the police arrested the accused and his assistants in the morning and seized mobile devices and money.

Earlier, the police also said that they have arrested the judge along with his brother, who is a colonel, a business owner, and a lawyer for their involvement in money laundering and illegal use of power. 

Investigations have authenticated the reports filed against the judge and seven others. A middleman has also been identified who was appointed as a link between the judge, lawyer, and the judge’s brother for transferring money. 

Financial Action Task Force (FATF) supports #SaudiArabia‘s efforts to strengthen cooperation among anti-corruption agencies around the world in order to enhance compliance of the taskforce’s recommendations. https://t.co/uX1XNAvTPW

— Saudi Gazette (@Saudi_Gazette) October 5, 2020

The president of Oversight and Anti-Corruption Authority and chief of FATF had a virtual meeting where FATF showed full support for Saudi Arabia’s AML efforts. Let’s see how Arabia and FATF will combat this issue. 

Read more about FATF recommendations: 40 recommendations of FATF – Shaping the future of your business