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Saudi Top Prosecutor: We Have Taken Many Measures against Terrorism, Money Laundering

Saudi Top Prosecutor: We Have Taken Many Measures against Terrorism, Money Laundering

Thursday, 21 February, 2019 - 07:45
Saudi Public Prosecutor Sheikh Saud al-Muajab (SPA)
Cairo - Asharq Al-Awsat
Saudi Arabia plays a vital role in the fight against terrorism at the international level, asserted Public Prosecutor Saud al-Muajab, referring to the measures taken by Riyadh domestically with the recently issued law on combating crimes and their financing.

The Kingdom also adopted measures and procedures to organize charitable work through the supervision of charities and their revenues.

The prosecutor revealed measures taken by the Kingdom to combat terrorist financing and money laundering including the establishment of a permanent committee to combat money laundering. The committee’s membership includes a number of government agencies concerned with the assessment of risks arising from money laundering crimes.

Muajab was speaking at the first regional conference for the Middle East and North Africa on strengthening international cooperation in confronting the escalating threat of terrorist financing and money laundering held in Cairo, Egypt.

He warned against criminal phenomena that threaten the security and safety of individuals and communities, saying crime is no longer local and has become transnational which requires increased cooperation between nations and organizations.

He reviewed the achievements of Saudi Arabia and related measures to combating money laundering and terrorism financing in order to reduce the risks associated with such crimes.

In addition, he indicated that the Kingdom is committed through its partners and allies to the international efforts in combating money laundering and terrorism.

Saudi Arabia is a key partner in the international coalition against ISIS, and leads the international working group on combating financing of the extremist organization, alongside the United States and Italy.

The Kingdom has enacted, approved and implemented many laws and procedures aimed at combating laundering, financing terrorism, mitigating the risks associated with it and drying up its sources.

Muajab also referred to Saudi Arabia's Mutual Evaluation Report on Anti-Money Laundering and Combating Financing Terrorism and Proliferation, issued by the Financial Action Task Force (FATF) in September 2018. The report stressed that Riyadh has a legal framework and coordination procedures to implement financial sanctions imposed by the United Nations.

Saudi Arabian Monetary Authority (SAMA) issued a guidebook for all Saudi banks to prevent and combat money laundering.

These guidelines are derived from the FATF's 40 recommendations, including monitoring suspicious transactions, reporting suspicious activities to security authorities, and alerting SAMA.

These recommendations were also in line with the Basel Committee Standards on the supervision of international expenses and practices in the banking sector. These guidelines were issued and updated in the Authority’s circular to banks as rules for money laundering and terrorist financing.

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