UPDATE 1-Saudi Arabia named full member of anti-illicit funding body - 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 meeting criteria in anti-money laundering and counter terrorism financing, and its accession will likely be a boost to its standing with foreign investors.
“The kingdom’s accession to the group will enhance its role in international forums and will highlight its efforts in the area of combating money laundering and the financing of terrorism,” the authority said in a statement.
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