RIYADH: Saudi Arabia supports stronger global cooperation to combat illicit finance, central bank governor Ayman Al-Sayari said, highlighting the financial sector’s resilience at global financial gatherings in Washington.
The comments came during the Financial Action Task Force ministerial meeting held alongside the International Monetary Fund and World Bank Spring Meetings, where ministers reaffirmed their commitment to combating money laundering, terrorist financing and proliferation risks through coordinated global action.
Saudi Arabia, which became a member of the FATF in 2019, has continued to strengthen its financial regulatory framework in recent years as part of broader efforts to modernize the economy, deepen capital markets and align with international standards under Vision 2030.
“Saudi Arabia emphasizes the critical role of FATF in establishing and promoting global standards that safeguard the integrity of the international financial system,” he said, according to remarks released by the Saudi Central Bank.
His remarks echo the ministerial consensus that illicit finance undermines economic growth, security, and institutional integrity.
“We support adopting a risk-based approach in implementing international standards requirements and mutual evaluation processes, and we welcome financial innovations,” Al-Sayari said.
The ministerial declaration warned that illicit finance continues to fuel crime, fraud and terrorism, undermining economic growth and financial stability, while calling for faster implementation of global standards and stronger cross-border cooperation.
Highlighting the Kingdom’s regulatory alignment, Al-Sayari said: “We endorse FATF’s outcome-oriented strategic priorities, particularly the period of 2026–2028 mutual evaluations, and stand ready to contribute to and benefit from this enhanced focus on effectiveness.”
He also highlighted recent regulatory reforms, noting that amendments to Saudi Arabia’s anti-money laundering law are aligned with FATF recommendations and strengthen confiscation frameworks, international cooperation and supervisory oversight to ensure effective implementation.
Separately, SAMA Deputy Governor for Investment Majid Alawwad pointed to the resilience of the Kingdom’s banking sector, citing strong capital buffers, liquidity levels and asset quality.
Speaking during a meeting of central bank governors from the Middle East and Central Asia, Alawwad said that limited external exposure helps contain the transmission of risks and strengthens the banking sector’s ability to maintain stability.
“SAMA’s stress testing exercises continue to confirm the banking system’s ability to withstand severe shocks, reinforcing confidence in the sector’s resilience under a range of scenarios,” he said.
Alawwad also said SAMA’s macroprudential stance remains forward-looking, supported by a comprehensive surveillance framework and an effective policy toolkit.
Saudi Arabia further called for stronger international cooperation, including through FATF-style regional bodies, to address evolving risks such as fraud, virtual assets and emerging technologies, while advancing transparency in cross-border payments under the G20 roadmap.
