Saudi FM calls Indian, Pakistani counterparts to discuss developments    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Alkhorayef praises advancements in Al-Kharj food industries sector    MHRSD: 80% of recruitment offices are non-compliant with regulations    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Money laundering poses serious threat to economy and social life
Published in The Saudi Gazette on 11 - 11 - 2019

JEDDAH — The Anti-Money Laundering Permanent Committee (AMLPC) has asserted that money laundering crimes pose a serious risk to the economic and social aspects of any country, especially those employing weak measures in combating the menace.
According to AMLPC, money laundering emerges from criminal minded people legitimizing funds resulting from other crimes, known by law as predicate offenses. This includes all offenses committed within, or any act committed outside the Kingdom if it constitutes a crime according to the laws of the State where it was committed and would have constituted an offense under the Shariah or statutory laws of the Kingdom had it been committed therein.
It is noteworthy that AMLPC, chaired by Saudi Arabian Monetary Authority (SAMA), includes representatives from the ministries of interior, foreign affairs, justice, commerce and investment, finance, labor and social development, Islamic affairs, dawah and guidance, and Presidency of State Security, Public Prosecution, Presidency of General Intelligence, Capital Market Authority.
AMLPC was tasked to implement the FATF's 40 recommendations to combat money laundering operations in accordance with the regulations in force in Saudi Arabia. One of AMLCP's tasks is to implement the above recommendations and follow up the implementation, as well as to study all topics related to combating money laundering in Saudi Arabia.
The committee pointed out that the spread of money laundering operations in any society leads to increasing crimes, and declining in the values of education and culture because the rapid gains of those crimes do not require a scientific qualification to commit it. Money laundering operations in any country may lead to the spread of shadow economy or commercial concealment, resulting to decline the economic growth, in addition to high inflation rates, which can raise the prices, subsequently, undermining fair competition.
It also has adverse effects on other business activities.
Money laundering is considered a major offense requiring detention pursuant to Decision No. 2000 issued by the interior ministry in 1435. The concerned authorities deal strictly with anyone who legitimizes or conceals the origin of the money acquired or originating from acts criminalized under Shariah or laws; such as illicit trafficking in drugs, weapons, currency counterfeiting and other crimes. Concealing the true origin of money (laundering) is not limited to cash, but includes assets, property and economic resources of whatever value, type or manner of ownership. When such funds arise directly or indirectly from the commission of a predicate offense, they are called proceeds.
Saudi Arabia has imposed severe penalties on money launderers, as conviction for this crime is subject to a fine of up to seven million riyals and imprisonment for up to fifteen years or both. A Saudi convicted of money laundering shall be banned from traveling outside Saudi Arabia for a period similar to that of jail term. A non-Saudi convicted of money laundering shall be deported from the country after the execution of the sentence.


Clic here to read the story from its source.