Jun.27, 2010, 00:00

Beirut: Saudi and other Gulf banks are expected to tighten controls on their customers' accounts as they prepare to receive observers from the Financial Action Task Force on Money Laundering, or FATF, who will urge greater efforts to combat money laundering and terrorism financing, pan-Arab Al Hayat daily reported Saturday, citing a Saudi executive.

The bank accounts that will be subject to inspection in Saudi Arabia are expected to represent 20 per cent to 30 per cent of the total number of accounts in local banks and they comprise accounts of individuals, companies, and institutions, Ahmead Al Hussainan, anti-money laundering compliance officer at the Saudi firm Jadwa Investment, said according to the paper.

Every four years approximately, the FATF reviews the implementation of the anti-money laundering measures by banks in FATF member states and this year is expected to be the turn of Saudi Arabia and the Gulf region at large, he added.