European Commission temporary list of condemnation and regret:

The Kingdom of Saudi Arabia expressed its regret for announcing its inclusion in the proposed list of high-risk countries in the area of ​​money laundering and terrorist financing, issued by the European Commission on February 13, 2019, and faced this declaration A lot of booing from many economists and analysts.

Where economic and banking analyst Fadl bin Saad Al-Buainain said, it is necessary to emphasize first of all the importance of choosing the appropriate terms to describe the action taken by the European Commission regarding Saudi Arabia, as the list referred to To it is a proposed list of high-risk countries; therefore, it is not final, nor is it a black list, as described by some media. He went on to say that since the establishment of the FATF and the Kingdom of the countries most cooperating with it, and in application of its requirements, in order to reach the full membership stage In the group.

Noting that the Kingdom has already succeeded in achieving all the requirements related to international standards and the testimony of the Financial Working Group, and therefore the mere announcement of the name of the Kingdom in the proposed European list, is considered Surprising and inconsistent with the reality and FATF assurances that the Kingdom will fully comply with its legislation.

He said that the European Commission was supposed to provide any requirements or criteria that are different from those of the FATF Task Force on Combating Money Laundering and Terrorist Financing Globally, where A general framework for combating these operations, the FATF of other countries for their application; and giving sufficient time for discussion and response before issuing any lists that are offensive and harmful to the positions and interests of states.

Implications and effects:

In the same context, the managing director of the Saudi British Bank, David Dew, stressed that the impact of the European Commission’s decision will remain limited because Saudi Arabia has an adequate framework and laws to combat money laundering and terrorist financing, < / p> Dio considered that the impact of the European Commission’s decision will remain limited to Saudi banks, as he said, we may see an impact on the operations between Saudi and European banks with regard to the negation examination of the ignorance between them, may European banks ask for some additional details or information for some customers or financial operations, but I have no doubt that the majority of transfers and financial operations will go normal and normal between Saudi Arabia and the European Union.

He stressed that the issues of money laundering and terrorist financing are very important issues for the Saudi government and the monetary institution in addition to SABB bank, pointing out that the degree of control and the number of laws related to these issues are high In Saudi Arabia, at the same time, the FATF has not submitted any decision against the Kingdom in this regard.

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