Saudi Arabia successfully prosecutes six people after moves to curb TBML via interagency coordination and consolidation
Prosecutors in Saudi Arabia have successfully convicted six people who participated in a trade-based money laundering (TBML) operation involving expatriates and Saudi citizens. The convictions follow moves last year by the authorities to improve to streamline the Kingdom’s tax and customs operations and coordinate interagency…
Saudi agencies join forces to tackle trade system abuses
Saudi Arabia has announced a memorandum of understanding (MoU) between the country’s Public Prosecution and its General Customs Authority (GCA) to the effect that they will cooperated to detect and prevent money laundering through its trade system. Trade-based money laundering (TBML) is one of three…
AML violations triggered biggest bank fines in 2020
Failure to adhere to anti-money laundering (AML) protocols was the most common banking violation that led to substantial fines being imposed on financial institutions last year according to data in Finbold’s Bank Fines Report 2020. The data shows that fines for all violations totalled US$14.21…
Saudi Arabia calls for UN member states to cooperate to reduce IFFs
Saudi Arabia’s deputy permanent representative of to the UN, Khalid Bin Mohammed Manzalawi, says the country believes in the importance of cooperation to promote transparency between countries to reduce illicit financial flows (IFFs) and is encouraging various UN bodies to consider and find ways to…
