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CMA LAW: Circular No. (10) of 2016 Regarding Countries not Applying or Insufficiently Applying the Recommendations of the Financial Action Task Force (FATF)
Date Publish
31 October 2016
"Circular to All Licensed Persons"
Chairman of the Board of Directors
Greetings,
We would like to draw your attention to the provisions of Article (3-42) of Module Sixteen "Anti-Money Laundering & Combating the Financing of Terrorism" of the Executive Bylaws of Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments, pursuant to Resolution No. (72) of 2015 issued on 9/11/2015 which stipulate that the licensed person must verify and pay attention to all business relationships or transactions with clients or with financial institutions from countries that do not apply or insufficiently apply the FATF's recommendations.
If the Authority notifies the licensed person that such countries insufficiently apply the FATF's recommendations, the licensed person shall consider all business relationships and transactions conducted in such countries as high-risk ones, which require implementing the measures set in Article No. (3-21) of the same chapter.
Accordingly, the Financial Action Task Force (FATF) has updated the list of countries which do not or insufficiently apply the FATF recommendations in its recent meeting held in October 2016.
The CMA is keen to play its role as stipulated in the above mentioned Article, therefore you are requested to visit the FATF website for the updated list of countries not applying or insufficiently applying the FATF recommendations in order to comply with the provisions of Article No. (3-42) of Module Sixteen "Anti-Money Laundering & Combating the Financing of Terrorism".
Dr. Nayef Falah Al-Hajraf
Chairman, CMA Board of Commissioners
Issued on: 30/10/2016
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
