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    President of the Financial Action Task Force (FATF) Shin Je-Yoon

    Israel, Saudi Arabia Seeking Membership of Financial Action Task Force

    © AFP 2019 / JUNG YEON-JE
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    President of the Financial Action Task Force (FATF) Shin Je-Yoon said that Saudi Arabia, Malaysia, Nigeria and Israel consider membership of FATF.

    LONDON (Sputnik), Svetlana Alexandrova – Saudi Arabia, Malaysia, Nigeria and Israel are among the candidate countries seeking membership of the Financial Action Task Force (FATF), FATF President Shin Je-Yoon told Sputnik.

    "Today four states consider membership of FATF. So far, two countries, Saudi Arabia and Malaysia are awaiting for a process of obtaining a regular membership. As of today, they have an observer status. The other two are Nigeria and Israel. We are in a process of reviewing their status and applications," Je-Yoom stated.

    The review of Nigeria's application was delayed due to political issues, however, the organization is still looking forward to starting the negotiating process with Abuja, he noted.

    "I believe that a membership of 40 countries from around the world, that have committed to the FATF recommendations, is an appropriate size for the Organization to achieve results in promoting and implementing measures to counter terrorism financing," Je-Yoom stressed.

    FATF is an intergovernmental body established in 1989 to promote effective measures for combating money laundering, terrorism financing and other threats linked to the integrity of the international financial system.

    FATF currently comprises 34 member jurisdictions and two regional organizations, representing major financial centers around the globe, according to the agency's website.

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    Financial Action Task Force (FATF), Shin Je-Yoon, Israel, Nigeria, Malaysia, Saudi Arabia
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