Assaf highlighted the Kingdom's central and essential role in establishing Middle East & North Africa Financial Action Task Force (MENAFATF). "Moreover, the Kingdom participates in its meetings regularly and effectively; and its Secretary General is a citizen of the Kingdom Saudi Arabia," he added. "In addition, Saudi Arabia represented by the Saudi Arabian Monetary Agency (SAMA), issued a Directory to combat money laundering in 1995, and it is being updated regularly in accordance with the developments in this area. The Directory aims to define the financial sector and trade rules to combat money laundering and the application of the criteria for "know your customer", as Units have been set up to combat Money laundering operations, which are located at the Ministry of Interior, the Saudi Arabian Monetary Agency and commercial banks since 1995; recently similar units have also been established at the Ministry of Trade and Industry as well as the Ministry of Justice. The Kingdom has signed and ratified the UN 1988 Convention against Illicit Traffic in Narcotic and Psychotropic Substances and issued its executive statute; a system of control of money laundering issued by Royal Decree No. M / 39 dated 25/6/1424H and its executive Statute. It was enforced by the establishment of the Finance investigations Unit at the Ministry of Interior in accordance with Article 11 of the System to combat money laundering. The Unit's task is to receive and analyze reports of suspicious financial operations," he added. --MORE
