RIYADH: The global fight against money laundering, terrorism financing, and the proliferation of arms remains a pressing issue, as Ƶ’s central bank governor emphasized the need for international collaboration to address these challenges.
Ayman Al-Sayari, governor of the Saudi Central Bank, reiterated the Kingdom’s commitment to advancing these efforts, stating, “We affirm Ƶ’s keenness to unify joint regional efforts in combating money laundering, financing terrorism and the proliferation of arms, and overcoming the challenges facing all countries.”
His comments came during the conference on “The Latest Developments in Combating Money Laundering, Financing Terrorism, and the Proliferation of Arms,” held on the sidelines of the 39th General Meeting of the Middle East and North Africa Financial Action Task Force in Riyadh.
Marking the 20th anniversary of MENAFATF’s establishment, Al-Sayari highlighted its role in raising awareness and supporting regional adherence to international standards. “Today we celebrate the 20th anniversary of the establishment of the MENAFATF group, which has contributed to raising awareness, deepening understanding of international requirements at the regional level, and helping relevant authorities enhance their commitment to these requirements,” he said.
Al-Sayari also praised Ƶ’s domestic initiatives aimed at strengthening compliance and combating financial crimes.
“We commend the efforts of the relevant authorities in Ƶ through standing committees to enhance efforts and raise commitment to international requirements,” he added.
According to a UN report, an estimated 2 to 5 percent of global gross domestic product—equivalent to $800 billion to $2 trillion—is laundered each year. However, the clandestine nature of money laundering makes it difficult to determine the exact volume of illicit funds in circulation.
Acknowledging the evolving nature of financial crimes, Al-Sayari emphasized the need for proactive legislative and regulatory measures. “In light of the rapid development of money laundering, terrorism financing, and arms proliferation methods, countries must strengthen their legislative and regulatory frameworks to keep pace with these fast-evolving challenges,” he said.
Al-Sayari also affirmed Ƶ’s alignment with the Financial Action Task Force under Mexico’s presidency, reinforcing the Kingdom’s support for global efforts to combat illicit financial flows. “Ƶ participates actively in the FATF’s discussions to ensure that cross-border transfers are more efficient, transparent, and comprehensive without compromising due diligence obligations and measures,” he added.
Elisa Madrazo, president of the FATF, also addressed the conference, highlighting the importance of coordinated global efforts to combat financial crimes. Her remarks underscored FATF’s ongoing commitment to fostering collaboration among member countries and ensuring adherence to international standards.
During the conference, Al-Sayari met with Madrazo to discuss recent developments and shared interests in anti-money laundering efforts, combating terrorist financing, and addressing the financing of arms proliferation.
