Saudi Arabia has become the first Arab country to be granted full membership of the Financial Action Task Force (FATF). Saudi Arabia had obtained observer status in the Group in 2015.
About:
The FATF is the global standard-setting body for anti-money laundering and combating the financing of terrorism (AML/CFT).
Mandate: 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.
Established in: 1989.
Headquarters: Paris, France.
Members:
The FATF currently comprises 37-member jurisdictions and 2 regional organisations (the Gulf Cooperation Council or GCC, and the European Commission).
While India, Russia and China are members, Pakistan is only an associate member of Asia Pacific Group-FATF.
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