Ahmed Abdulkarim Alkholifey

:: Ahmed Abdulkarim Alkholifey, governor of the Saudi Arabian Monetary Agency (SAMA) and chairman of the Anti-Money Laundering Permanent Committee (AMLPC), welcomed the Cabinet’s approval of the new anti-money laundering law on Wednesday.

“The new law meets the requirements of the current stage and aims to make anti-money laundering regulations, legislation and procedures more efficient,” he said.

He stressed that the government is keen on combating money laundering in order to protect public interests and ensure that the regulatory environment in Saudi Arabia follows international standards, especially when it comes to combating such activities.

“Saudi Arabia is among the first countries to fight money laundering,” he said. “The Kingdom has called on the international community to combat such crimes, which result in damage and many negative consequences, resulting in negative impact on a country’s security and the global economy.”

“The Kingdom has taken measures in the part years to significantly diminish these crimes,” he added.

According to an earlier report published in Arab News in August, between 2015-2016, 66 Saudis and 149 residents were convicted of money laundering.

The number convicted included 15 Saudis and 28 residents in Riyadh; 18 Saudis and 41 residents in Makkah; two Saudis and seven residents in Madinah; three residents in Al-Qasim; 25 Saudis and 66 residents in Al Sharkiya; and five Saudis and four residents in Asir.