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Saudi Arabia: FATF reports continued terrorist financing, money laundering
Riyadh has come under the spotlight for inadequate controls to prevent money laundering and terrorist financing. In a report issued on 24 September, the kingdom was criticised by the Paris-based Financial Action Task Force (FATF) for failing to effectively investigate and prosecute individuals involved in large money laundering scams, failing to co-operate with other countries to go after the proceeds of crime and for ignoring terrorist fundraising by groups active outside the kingdom.
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