Riyadh voiced regret over the resolution of the European Commission to include Saudi Arabia in a revised list of "high risk" countries on money laundering and the financing of terrorism, despite several measures of reinforcement of its legal framework which has led to increased co-operation with its counterparts.
Saudi reaffirmed strong commitment to the common fight against money laundering and terror financing, a commitment that it shares with its international partners and allies.
"Saudi Arabia - a member of the Global Coalition To Defeat ISIS and co-chair, with United States and Italy, of the CIFG (the counter ISIS financing working group ) - has implemented important laws and procedures over the years with the aim of fighting money laundering and terrorism financing and mitigating associated risks," said a statement posted on SPA.
In addition, the Mutual Evaluation Report on Saudi Arabia, published by the Financial Action Task Force (FATF) in September 2018, commended Saudi Arabia on the level of its technical compliance with the FATF's recommendations.
The FATF report showed that the Saudi Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) preventive measures are strong and well established.
Saudi Arabia has furthermore an established legal framework and co-ordination process for implementing UN targetted financial sanctions on terrorism without any delay.
"Saudi commitment to fighting money laundering and terrorism financing is a strategic priority for the kingdom. We will continue to develop and enhance our regulatory framework to achieve this goal. We note the proposed revised list is subject to approval of both the European Parliament and Council of Ministers," said Finance Minister Mohammed Al Jadaan.
Al Jadaan called on European Commission officials and members of the European Parliament to visit Riyadh and observe the continuous efforts and initiatives taken by Saudi Arabia at the local, regional and international levels in the fight against terrorism financing and money laundering.
"Saudi Arabia will continue to communicate with the Commission and looks forward to a constructive dialogue with its partners in the European Union to contribute to strengthening and supporting the means of countering money laundering and terrorism at the international and regional levels," he affirmed.