Saudi justice ministry holds training program against terrorism funding, money laundering

Author: sarah glubbID: 1538850749327793500Sat, 2018-10-06 21:27

JEDDAH: Saudi Arabias Ministry of Justice concluded a training program aimed at combating terrorism funding and money laundering.
More than 300 judges from Saudi criminal courts took part in the program, which was held at the Judicial Training Center and aimed to support participants executive judicial skills.
The program also highlighted the legal development of money laundering and terrorism financing crimes, their domains and knowing the indicators for money laundering.
A recent report by the Financial Action Task Force (FATF) commended the Kingdom for making drastic changes to the way it combats money laundering, terrorism funding and arms proliferation.
The Kingdom has proven its understanding of the risks it faces by its measures to address them, the report said.
Saudi Arabia has a strong legal framework to implement targeted financial sanctions imposed by the UN on terrorists without delay, the report added.
Last year, Saudi Arabia introduced the new Anti-Money Laundering Law. Under the new law, the penalty for money laundering will be between three and 15 years imprisonment or a fine of up to SR7 million ($1.87 million). AN Jeddah
A money laundering crime, according to the new law, includes conducting any transaction involving property or proceeds with the knowledge that they are the result of criminal activity or originate from an illegitimate source in order to disguise, protect or help that source or any other person involved in the original crime through which the property or proceeds were obtained.

Main category: Saudi ArabiaTags: Saudi ArabiaSaudi Ministry of Justiceterrorismmoney laundering Saudi General Authority of Zakat and Tax wins LinkedIn MENA Talent AwardSaudi General Authority of Zakat and Tax wins LinkedIn MENA Talent Award

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