|
Riyadh: The Saudi Interior Ministry has issued new rules to curb money laundering.
According to the regulations, an individual is not allowed to bring in or take out of the kingdom more than than 60,000 Saudi Riyals (about Dh58,782) in cash or equivalent in precious metals.
The new rules, which is expected to come into effect soon, stipule that whoever caught laundering money will be imprisoned for up to ten years and fined up to five million Saudi Riyals.
The regulations, a copy of which Gulf News got, states: "Whoever funds terrorists or terror organisations is considered to be committing a crime of money laundering."
It also warns financial and other institutions from dealings with unidentified names.
These institutions should verify the identities of dealers and must keep all records and documents of dealers for at least ten years after the end of operation or closure of the account, it states.
According to the new rules, money laundering include: transacting money that result from a criminal act or an illegal source; transporting, acquiring, using, keeping, receiving or transferring money that result from criminal act or an illegal source; hide the source of the money, movements, and ownership; funding terrorists, terror operations or organisations and take part by spending, assisting, encouraging, giving advice or commit any of the acts stipulated in the provisions of this article.
Article three of the regulations states that the board chairpersons of financial or non-financial institutions, board members, owners of institutions, employees, representatives, accounts auditors are considered to be committing money laundering if found to be involved in the above-mentioned acts.
It urges to report directly to the assistant interior minister for security affairs of any such violations.
|
