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SAMA: Saudi Arabia Unites Regional Efforts to Combat Money Laundering

A group photo during the MENAFATF conference in Riyadh (X)
A group photo during the MENAFATF conference in Riyadh (X)
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SAMA: Saudi Arabia Unites Regional Efforts to Combat Money Laundering

A group photo during the MENAFATF conference in Riyadh (X)
A group photo during the MENAFATF conference in Riyadh (X)

Governor of the Saudi Central Bank Ayman Al-Sayari reaffirmed the Kingdom’s commitment to unifying regional efforts to combat money laundering, terrorist financing, and the proliferation of weapons, as well as addressing challenges faced by all nations in these areas.

Al-Sayari was speaking on Tuesday during the opening of the conference “Latest Developments in Combating Money Laundering, Terrorist Financing, and Weapons Proliferation,” held on the sidelines of the 39th General Meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF).

He highlighted the 20th anniversary of MENAFATF’s establishment, praising its role in raising awareness and deepening understanding of international requirements across the region, which he said has helped relevant agencies in member states strengthen their compliance with global standards.

Al-Sayari commended the efforts of Saudi authorities, particularly through specialized permanent committees, to enhance the effectiveness of anti-money laundering measures and improve the Kingdom’s adherence to international obligations.

He emphasized that as money laundering, terrorist financing, and weapons proliferation crimes continue to evolve rapidly, with increasingly complex methods, countries are striving to update their legislative and regulatory frameworks to keep pace with these changes.

Al-Sayari also underscored Saudi Arabia’s support for the goals of the Financial Action Task Force (FATF) under Mexico’s presidency, aimed at combating financial flows that fuel money laundering and terrorism. These efforts, he stressed, contribute to the integrity, stability, and sustainable growth of the global economy.

Saudi Arabia actively participates in FATF discussions to ensure that cross-border transactions are more efficient, transparent, and inclusive, while maintaining compliance with due diligence requirements and other necessary safeguards.

Separately, Al-Sayari held discussions with FATF President Elisa de Anda Madrazo on key updates and mutual areas of interest in combating money laundering, terrorist financing, and weapons proliferation.

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Saudi Arabia Says Determined to Cooperate with Int’l Partners to Achieve Sustainable Development Goals

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi Arabia Says Determined to Cooperate with Int’l Partners to Achieve Sustainable Development Goals

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Saudi Minister of Economy and Planning Faisal Alibrahim affirmed that the Kingdom's efforts in international forums and its role as an effective partner in the G20 have contributed to developing policies and programs that help enhance global economic stability and reduce development gaps between countries.

In a statement to the Saudi Press Agency (SPA) on the occasion of the G20 Leaders' Summit that was held on November 18-19, Alibrahim said the G20 countries share development visions and aspirations, and that member states endeavor to increase international cooperation and build strategic partnerships that contribute to achieving the sustainable development goals.

The group also seeks to use member countries’ expertise in various fields when setting the agenda of the G20 Leaders' Summit every year, to urgently respond to accelerating global challenges and provide innovative solutions that contribute to enhancing the well-being of individuals and societies.

Alibrahim pointed out, in his statement, that the Development Working Group focused during the Brazilian presidency in 2024 on addressing the most prominent global issues and challenges facing developing countries, most notably reducing gender inequality, and ensuring the provision of water and basic services, adding that the Kingdom was keen to present a balanced approach that seeks to provide the necessary means of support to help developing countries advance and build their economic and social capabilities, and achieve equal opportunity.
Alibrahim stressed that empowering women is one of the most prominent achievements of the Kingdom, which strives to achieve gender equality and equal opportunity, and pointed to the concerted efforts in the Kingdom to create a supportive and enabling environment through regulatory and procedural reforms, and innovative programs, adding that labor market statistics indicate a 34.6% increase in the rate of women participation in the Kingdom’s workforce by the end of the fourth quarter of 2023, and that they made up 42.3% of the middle management in 2023.
Alibrahim said Saudi Arabia is committed to activating the G20 dialogue on water issues, which was launched under the Kingdom’s G20 Presidency in 2020, pointing to the country’s efforts to support environmental initiatives and employ technology, research, and innovation in the water sector, citing the Global Water Organization initiative that was launched by the Crown Prince last year.
Alibrahim praised the Brazilian presidency’s proposal, which included a comprehensive approach based on national, financial, and knowledge pillars, which highlighted the need to enact evidence-based policies, develop innovative financial solutions, and have countries share best practices, based on proactive policies and measures.
The Kingdom has also worked on a number of structural reforms that have had a positive impact on its fiscal and monetary policies, targeted social support and subsidy programs, and active investment strategies. It seeks to increase international cooperation and build global partnerships, said Alibrahim, mentioning its investment in the Brazilian food company BRF, a global company concerned with the environment, social development, and sustainable consumption, and its partnership with the World Economic Forum’s open innovation platform Uplink, which aims to increase commitment to environmental regulations, adopt environmentally friendly practices, and invest in innovative technologies to address sustainable development challenges.
Alibrahim stressed that the Kingdom is moving with determination and confidence on its path toward building a prosperous and sustainable economy capable of facing global challenges, and contributing to achieving sustainable development, in cooperation with its international partners.