The Financial Action Task Force (FATF) is the leading international anti-money laundering and combating the financing of terrorism (AML/CFT) standard-setting body. To date, almost 200 countries and territories have adopted FATF standards. FATF evaluations of Gulf countries' AML/CFT laws and regulations suggest that present implementation of FATF' standards in the Gulf countries needs to respond to several challenges and ongoing changes. Firstly, there are challenges related to capabilities for the application of a risk-based approach on both macro- and micro-levels, improvement of the effectiveness of the system of freezing and confiscation of funds, and application of standards related to beneficial ownership. Secondly, continuous changes and flexibility are required, in order to deal with new risks of money laundering and terrorist financing using new technologies.