Saudi Arabia Money Laundering Act

The Saudi Arabian Anti-Money Laundering Act of 2003 created the Saudi Financial Investigation Unit (FIU), which coordinates efforts of government ministries and other public bodies to combat money laundering. Private institutions are required to implement anti-money laundering measures and to report suspicious transactions to the FIU, which compiles information for enforcement bodies.

The following questions have been addressed in this article:

What institutions are there in Shari’ah that address money laundering?
Do the CPVPV and FIU work in partnership?
Does reporting money laundering override an institution’s duty to its clients?
What penalties can be imposed for money laundering under the Act?
What provisions are there for cross-border cooperation in anti-money laundering activities?


Facebook Twitter RSS