The General Secretariat of the Gulf Cooperation Council (GCC) and Saudi Arabian Monetary Agency (SAMA) will jointly organize a two-day workshop in Riyadh on the amended recommendations of the Financial Action Task Force (FATF).
The workshop, which runs today and Sunday, will be addressed by FATF representatives, the International Monetary Fund (IMF), the Middle East Financial Action Task Force (MENAFATF), and governmental departments of GCC countries.
The workshop is aimed at briefing the attendees on the amendments adopted in February to the international standards on combating money laundering, terror finance and proliferation of weapons of mass destruction, the SPA said.
According to FATF, these are serious threats to security and the integrity of the financial system.
The Financial Action Task Force is a worldwide intergovernmental body established in 1989. Its objectives are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. First issued in 1990, the FATF recommendations were revised in 1996, 2001, 2003, and most recently in 2012 to ensure that they remain up to date and relevant, and they are intended to be of universal application.
FATF measures under spotlight
