Saudi Arabia to fight money laundering more effectively

Saudi Arabia and several member countries of the Financial Action Task Force (FATF) have decided to intensify their efforts to fight money laundering on three levels – local, regional and international.

On June 15, 2008, Dr. Ibrahim Al-Assaf, Minister of Finance of Saudi Arabia, said that “the Kingdom is among the first few countries, which gave special attention to counter money laundering by committing to and complying with many rules and international conventions, and putting them into practice”.

When speaking at a seminar organized by the Riyadh-based Institute of Public Administration (IPA), the Minister said that a FATF working group on financial measures, that among its members has Saudi Arabia and the Gulf Cooperation Council (GCC), had been exerting extensive efforts in the area of financial crime and money laundering. Al-Assaf said that the Kingdom had been realizing the seriousness of the problem of combatting money laundering at an early stage.

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