المملكة: Urgent: Travel ban and deportation.. “Al-Youm” publishes anti-money laundering amendments.. and they will be implemented tomorrow

The Council of Ministers decided that the Money launderingis prohibited from traveling outside the Kingdom for a period similar to the period of imprisonment to which he is sentenced, while a non-Saudi convicted of the same crime is deported from the Kingdom after serving his sentence and is prohibited from entering it except to perform Hajj or Umrah in accordance with the provisions regulating that.

Details of the system

The details of the system came as follows:

First: Deleting the phrase “non-profit organizations” from Article “Fourteen” of the system, so that it becomes the text The following:

«Article Fourteen:

1‏ – on financial institutions, and designated non-financial businesses and professions; Do the following:

A – Develop policies, procedures and internal controls to combat money laundering and implement them effectively in order to manage and limit the risks it has identified – in accordance with what is stated in Article Five of the system, provided that they are proportionate to the nature and size of its business, and that it is approved by its senior management, and that it reviews and enhances it on an ongoing basis.

B – Apply the policies, procedures and internal controls – mentioned in Paragraph “A” – to all its branches and subsidiaries in which it owns a majority stake.

B – Apply the policies, procedures and internal controls – mentioned in Paragraph “A” – to all its branches and subsidiaries in which it owns a majority stake. />
2‏ – The regulations specify what must be included in the policies, procedures and internal controls to combat money laundering established by financial institutions, and non-designated businesses and professions, in accordance with paragraph “1/a” of this article. Accounting – when they suspect or have reasonable grounds to suspect that the funds or some of them represent the proceeds of a crime or that they are linked or related to money laundering operations or that they will be used in money laundering operations, including attempts to conduct such operations; To adhere to the following:

1‏ – Inform the General Department of Financial Investigations immediately and directly, and provide it with a detailed report that includes all the data and information available to it about this operation and the relevant parties.

2‏ – Responding to all additional information requested by the General Administration of Financial Investigations. – It is prohibited for financial institutions, designated non-financial businesses and professions, and any of their directors, members of their board of directors, members of their executive or supervisory management, or employees; Alert the client or any other person that a report under the law or information related thereto has been or will be submitted to the General Department of Financial Investigations or that a criminal investigation is ongoing or has been conducted. This does not include disclosures or communications between managers and employees or communications with lawyers or competent authorities.

2‏ – It does not apply to financial institutions, designated non-financial businesses and professions, or any of their directors, members of their boards of directors, members of their executive or supervisory management, or employees thereof; Any responsibility towards the person reported when reporting to the General Department of Financial Investigations or providing information to it in good faith.”

Fourth: Deleting the phrase “non-profit organizations” from Article Eighteen of the system, so that it becomes the following text:

“Article Eighteen:

1‏ – The General Department of Financial Investigations may obtain directly from the person submitting the report any additional information to help it analyze it, and in cases where financial institutions have not submitted a report under Article “Fifteen” of the system or if the General Department of Financial Investigations wishes to obtain information that is not related to a report it has received; It requests information through the competent regulatory authority, and financial institutions and designated non-financial businesses and professions must provide what is requested of them urgently.

2‏ – The General Department of Financial Investigations may obtain any financial, administrative, legal, or related information collected or maintained by the competent authorities – or their representatives – in accordance with the provisions established by the law, and which it deems necessary to perform its tasks. – A Saudi who has been sentenced to prison for a money laundering crime is prohibited from traveling outside the Kingdom for a period similar to the prison term to which he has been sentenced.

2‏ – A non-Saudi convicted of a money laundering crime will be deported from the Kingdom after serving his sentence, and prohibited from entering it except to perform Hajj or Umrah rituals. In accordance with the provisions regulating that.”

Sixth: Amending Article “Thirty-Three” of the system, to read as follows:

“Article Thirty-Three:

1‏ – Without prejudice to the rights of bona fide third parties, in the event of conviction for a money laundering crime or a predicate crime, the following shall be confiscated by a judicial ruling:

A – Laundered funds.

B – Proceeds. If they are mixed with funds acquired from legitimate sources, the equivalent of their estimated value shall be confiscated.

C – Media.

2‏ – Without prejudice to the rights of bona fide third parties, other funds of the perpetrator of a money laundering crime or a predicate crime, which are disproportionate to his legitimate income, shall be confiscated by a judicial ruling – upon the request of the Public Prosecution – if it is proven that they are derived from criminal behavior, unless their legality is proven.

3‏ – The competent court shall order the confiscation of funds associated with a money laundering crime, regardless of whether they are in the possession or ownership of the perpetrator of the crime or another party. They may not be confiscated if their owner proves that he obtained them for a fair price or in exchange for providing a service commensurate with their value, or obtained them based on other legitimate reasons and that he was unaware of their illicit source.

4‏ – The competent court may invalidate certain activities or actions, or prevent their implementation – whether contractual or otherwise – whenever the parties thereto or one of them – or someone like them should know – know that these activities or actions would affect the ability of the competent authorities to recover funds subject to confiscation. The Permanent Anti-Money Laundering Committee shall develop and coordinate general national policies based on risks in the field of combating money laundering, review and update those policies periodically, take the necessary measures regarding them and develop them on the basis of international obligations, requirements and developments, as well as assess the risks of money laundering, including high-risk countries. The Governor of the Saudi Central Bank shall issue the internal regulations of the Permanent Anti-Money Laundering Committee. The Fifty:

The Head of State Security shall issue the regulations and amend them, in agreement with the Minister of Finance, the Attorney General, and the Governor of the Central Bank of Saudi Arabia.

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