Financial Action Task Force on Money Laundering
Petty theft is a problem especially in crowded areas. The nation has strict laws prohibiting drug trafficking; drug trafficking is a capital crime. Despite strict laws, however, illicit trafficking takes place in considerable amounts through underground channels especially marijuana, cocaine and homegrown psychedelic drugs. Saudi Arabia is a signatory to all three international conventions on drug control. To curb money laundering, improved anti-money laundering laws have been enacted. The country has implemented all the forty recommendations of the Financial Action Task Force on Money Laundering (FATF) for combating money laundering and all eight recommendations of the FATF regarding terror financing. A Financial Intelligence Unit exists for the purpose of monitoring flows of funds.