Saudi Arabia combats money laundering |
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RIYADH: Saudi Arabia and several member countries of the Financial Action Task Force (FATF) have intensified efforts to combat money laundering on the local, regional and international levels.
"The Kingdom is among the first few countries, which gave special attention to counter money laundering by committing to and complying with many rules and international conventions, and putting them into practice," said Dr. Ibrahim Al-Assaf, minister of finance, here yesterday.
"A FATF working group on financial measures, comprising 32 countries and two regional bodies including Saudi Arabia and the Gulf Cooperation Council (GCC), had been exerting extensive efforts in this area and issued 40 recommendations to combat money laundering in addition to the nine issued earlier," he said. The minister was speaking at a seminar organized by the Riyadh-based Institute of Public Administration (IPA) here yesterday.
Referring to efforts made by the Kingdom, Al-Assaf said that Riyadh had realized the seriousness of the problem at an early stage.
By Ghazanfar A. Khan
© Arab News 2008
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