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Mutual Evaluation of the Kingdom of Saudi Arabia

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Mutual Evaluation of the Kingdom of Saudi Arabia Anti-money laundering and counter-terrorist financing measures financing counter-terrorist and laundering Anti-money Anti-money laundering and counter-terrorist financing measures Kingdom of Saudi Arabia Mutual Evaluation Report Arabia Saudi September 2018 The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CTF) standard. For more information about the FATF, please visit the website: www.fatf-gafi.org. For more information about MENAFATF, please visit the website: www.menafatf.org This document and/or any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. This assessment was adopted at the joint FATF-MENAFATF Plenary meeting in June 2018. Citing reference: FATF-MENAFATF (2018), Anti-money laundering and counter-terrorist financing measures – Saudi- Arabia, Fourth Round Mutual Evaluation Report, FATF, Paris http://www.fatf-gafi.org/publications/mutualevaluations/documents/mer-saudi-arabia- 2018.html © 2018 FATF-MENAFATF. All rights reserved. No reproduction or translation of this publication may be made without prior written permission. Applications for such permission, for all or part of this publication, should be made to the FATF Secretariat, 2 rue André Pascal 75775 Paris Cedex 16, France (fax: +33 1 44 30 61 37 or e-mail: [email protected]). Photo Credit - Cover: © Saudi Arabian Monetary Authority (SAMA). Table of contents Executive Summary .............................................................................................................................. 3 Key Findings ........................................................................................................................................ 3 Risks and General Situation ................................................................................................................. 4 Overall level of Effectiveness and Technical Compliance .................................................................. 5 Priority Actions .................................................................................................................................. 12 Effectiveness & Technical Compliance Ratings ................................................................................ 13 MUTUAL EVALUATION REPORT ................................................................................................ 15 Preface ............................................................................................................................................... 15 CHAPTER 1. ML/TF RISKS AND CONTEXT ........................................................................... 17 ML/TF Risks and Scoping of Higher Risk Issues.............................................................................. 17 Materiality .......................................................................................................................................... 20 Structural Elements ............................................................................................................................ 21 Background and Other Contextual Factors ........................................................................................ 21 CHAPTER 2. NATIONAL AML/CFT POLICIES AND CO-ORDINATION .......................... 31 Key Findings and Recommended Actions ......................................................................................... 31 Immediate Outcome 1 (Risk, Policy and Co-ordination) .................................................................. 32 CHAPTER 3. LEGAL SYSTEM AND OPERATIONAL ISSUES ............................................. 39 Key Findings and Recommended Actions ......................................................................................... 39 Immediate Outcome 6 (Financial Intelligence ML/TF) ..................................................................... 43 Immediate Outcome 7 (ML investigation and prosecution) .............................................................. 57 Immediate Outcome 8 (Confiscation) ................................................................................................ 67 CHAPTER 4. TERRORIST FINANCING AND FINANCING OF PROLIFERATION ......... 77 Immediate Outcome 9 (TF investigation and prosecution) ............................................................... 80 Immediate Outcome 10 (TF preventive measures and financial sanctions) ...................................... 92 Immediate Outcome 11 (PF financial sanctions) ............................................................................. 102 CHAPTER 5: PREVENTIVE MEASURES ................................................................................... 107 Key Findings and Recommended Actions ....................................................................................... 107 Immediate Outcome 4 (Preventive Measures) ................................................................................. 108 CHAPTER 6. SUPERVISION ...................................................................................................... 119 Key Findings and Recommended Actions ....................................................................................... 119 Immediate Outcome 3 (Supervision) ............................................................................................... 120 CHAPTER 7. LEGAL PERSONS AND ARRANGEMENTS ................................................... 133 Key Findings and Recommended Actions ....................................................................................... 133 Immediate Outcome 5 (Legal Persons and Arrangements) ............................................................. 134 Anti-money laundering and counter-terrorist financing measures in Saudi Arabia – FATF-MENAFATF | © 2018 2 │ CHAPTER 8. INTERNATIONAL CO-OPERATION .................................................................. 145 Key Findings and Recommended Actions ....................................................................................... 145 Immediate Outcome 2 (International Co-operation) ........................................................................ 146 TECHNICAL COMPLIANCE ANNEX ......................................................................................... 161 Recommendation 1 – Assessing risks & applying a risk-based approach ....................................... 161 Recommendation 2 – National co-operation and co-ordination ...................................................... 162 Recommendation 3 – Money laundering offence ............................................................................ 164 Recommendation 4 – Confiscation and provisional measures ........................................................ 166 Recommendation 5 – Criminalisation of TF ................................................................................... 168 Recommendation 6 – Targeted financial sanctions related to terrorism & terrorist financing ........ 171 Recommendation 7 – Targeted financial sanctions related to proliferation financing .................... 177 Recommendation 8 – Non-profit organisations ............................................................................... 180 Recommendation 9 – Financial institution secrecy laws ................................................................. 184 Recommendation 10 – Customer due diligence .............................................................................. 184 Recommendation 11 – Record keeping ........................................................................................... 187 Recommendation 12 – Politically exposed persons ......................................................................... 187 Recommendation 13 – Correspondent banking ............................................................................... 188 Recommendation 14 – Money or value transfer services ................................................................ 189 Recommendation 15 – New technology .......................................................................................... 190 Recommendation 16 – Wire transfers .............................................................................................. 190 Recommendation 17 – Reliance on third parties ............................................................................. 193 Recommendation 18 – Internal controls and foreign branches and subsidiaries ............................. 194 Recommendation 19 – Higher-risk countries .................................................................................. 195 Recommendation 20 – Reporting of suspicious transactions .......................................................... 196 Recommendation 21 – Tipping-off and confidentiality ................................................................... 197 Recommendation 22 – DNFBPs: Customer due diligence .............................................................. 198 Recommendation 23 – DNFBPs: Other measures ........................................................................... 199 Recommendation 24 – Transparency and beneficial ownership
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