MADINAH – The Ministry of Commerce and Industry has issued 43 precautionary measures aimed at combating money laundering and terror funding. Accordingly, diplomats will no longer enjoy immunity in case they are found involved in any suspicious transactions. The ministry has directed that any one — Saudis or foreigners — including those having a diplomatic ID, shall be subjected to investigation if they are found involved in any suspicious activities such as money laundering and terror funding. The ministry's regulations are mainly aimed at protecting companies and firms engaged in commercial activities from any illegal or suspicious transactions or preventing them from taking part in such dealings. The ministry has asked these firms to take utmost vigil and caution in case they notice any suspicious activities related to money laundering or terror funding on the part of any customers, and to inform the authorities about this. The regulations have a special provision for dealing with transactions of politicians holding sensitive positions as well as non-profit organizations and establishments. The ministry has also directed commercial firms to stop transactions with customers in case they have any suspicions in the personal data furnished by them. The ministry has also instructed to scrutinize details of companies and establishments such as information about their commercial registration, license, contract for foundation, basic law, and the list of those with whom the owner had negotiations.
