Correspondent Published: 00:00 March 28, 2011

http://gulfnews.com/business/banking/saudis-form-agency-against-money-laundering-and-terror-financing-1.783809

Riyadh: Saudi Justice Minister Dr Mohammad Al Essa issued a decision on Saturday stipulating the establishment of a department to combat money laundering and terror financing.

The creation of the new department comes within the framework of the activation of the ministry's role for the execution of a money laundering act issued eight years ago.

The decision coincides with the release of an international report placing Saudi Arabia in an advanced ranking among the G20 countries in terms of fighting money laundering and terror financing.

Observers noted that this is an international recognition of the efforts being exerted by the kingdom in combating the two crimes.

The decision outlines the role of the new department in fighting all acts related to money laundering and terror financing.

It states that the new department would represent the ministry at all meetings and events covering antimoney laundering. The decision, moreover, underlines that ministry staff and lawyers' offices shall report to the concerned authorities any suspicious financial acts.

Monitoring

Councillor Manoure Al Mazrou, a high level official at the Saudi Justice Ministry, told reporters that the decision enhances the ministry's role in monitoring its affiliated agencies.

He added that councillor Mohsen Al Hazmi was appointed as head of the new department.

"Thanks to the ministry's efforts in this context, the kingdom has got a high ranking and topped Arab countries at the international level in terms of anti money laundering and terror financing," he said.

Saudi Arabia was awarded the ranking according to a report by the Financial Action Task Force (FATF), an inter-governmental body based at the headquarters of the Organisation for Economic Cooperation and Development (OECD) in Paris. The report placed Saudi Arabia first in the Arab world and among the top ten within the G20.

The rankings were awarded at a FATF plenary meeting in Amsterdam, which took place in June 2010, based on a report by the Middle East and North Africa Financial Action Task Force (MenaFATF).

In a statement on the occasion, Saudi Arabian Monetary Agency (Sama) Governor Dr Mohammad Al Jasser said the achievement proves the serious measures being taken by the Saudi authorities to combat money laundering and terror financing.