Over the past decade, the Kingdom of Saudi Arabia has undertaken a number of anti-money laundering initiatives and measures. It has been in the forefront amongst the active participating countries in combating money laundering and its related activities. The Kingdom derives its attitude towards anti-money laundering from its commitment to the Islamic Sharia’a teachings, domestic regulations and international recommendations equally.
One of the most prominent initiatives in this concern is the Council of Ministers’ resolution No. (15) dated 17/1/1420H providing for the implementation of the 40 Anti-Money Laundering Recommendations in accordance with the regulations applied in the Kingdom, and forming a permanent anti-money laundering committee entrusted with the functions of establishing the measures needed to follow up and implement the said Recommendations, reviewing all issues related to anti-money laundering in the Kingdom and reporting, to His Majesty the King, the obstacles and difficulties faced by the authorities concerned in the implementation of the 40 Anti-Money Laundering Recommendations and making proposals and views to overcome them.
The venue of the Permanent Committee is located at the Saudi Arabian Monetary Agency, Head office, Riyadh, and it is chaired by His Excellency the Governor. The Committee holds regular meetings on the first Tuesday of every Hijri calendar month. In case an urgent issue or subject arises, requiring an exceptional meeting, a meeting will be held upon its Chairman or his deputy’s request.
Meeting minutes are being made to record all subjects discussed at the Committee’s regular and exceptional meetings. The minutes are to be approved by the Committee members at the end of each meeting.
The Permanent Committee for Anit-Money Laundering consists of members representing the following bodies:
1. Ministry of Interior:
1/1 The Financial Investigation Unit
1/2 The General Directorate of Narcotics Control
1/3 The General Directorate of Criminal Investigations at Public Security
1/4 Legal Affairs
1/6 The General Directorate of Investigation – Administrative Investigations
2. General Intelligence Presidency
3. Ministry of Foreign Affairs
4. Ministry of Justice
5. Ministry of Commerce and industry
6. Ministry of Social Affairs
7. Saudi Customs
8. The Bureau of Investigation and Public Prosecution
9. Capital Market Authority
10. Saudi Arabian Monetary Agency