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Combatting money laundering in Saudi Arabia

Combatting money laundering in Saudi Arabia The purpose of this paper is to examine the effectiveness of the antimoney laundering measures in the Kingdom of Saudi Arabia in response to its commitments to the Financial Action Task Force and treaties in combatting money laundering.Design/methodology/approachTo explore the effectiveness of the Saudi antimoney laundering measures, this research’s data have been obtained by a qualitative approach that uses a combination of primary and secondary resources. It relies on analyzing Anti-Money Laundering Law (AML) and the process of money laundering detection in Saudi Arabia in relation to three cases from Saudi courts supported by journal articles, academic books and reliable websites.FindingsThis study concludes that the Saudi AML has been efficient and effective in the battle against money laundering. This study finds that there is close coordination and collaboration between financial institutions, banks and governmental agencies in Saudi Arabia to combat this phenomenon. This study also concludes that the AML is compatible with other criminal laws such as the Anti-Bribery Law, the Anti Trafficking in Person Law and the Anti-Drug Trafficking Law.Research limitations/implicationsThis paper relies mainly on publicly available information regarding the detection of money laundering schemes and the confiscation of proceeds of crime in the Kingdom of Saudi Arabia as a main source of information. There data available on the money laundering cases in the Saudi prosecution and criminal courts were limited due to the lack of public disclosure of such cases because of their sensitivity. This was made up for by using reliable sources in which some cases were reported.Originality/valueThis paper underlines the efficient aspects of the current AML that contribute to reduction of money laundering in Saudi Arabia. This paper emphasizes on the importance of the structure of collaboration between regulatory, financial and law officers to implement the rule of law and achieve justice. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

Combatting money laundering in Saudi Arabia

Al Agha, Samah
Journal of Money Laundering Control , Volume 26 (4): 12 – May 30, 2023
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References (25)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
1368-5201
eISSN
1368-5201
DOI
10.1108/jmlc-02-2023-0046
Publisher site
See Article on Publisher Site

Abstract

The purpose of this paper is to examine the effectiveness of the antimoney laundering measures in the Kingdom of Saudi Arabia in response to its commitments to the Financial Action Task Force and treaties in combatting money laundering.Design/methodology/approachTo explore the effectiveness of the Saudi antimoney laundering measures, this research’s data have been obtained by a qualitative approach that uses a combination of primary and secondary resources. It relies on analyzing Anti-Money Laundering Law (AML) and the process of money laundering detection in Saudi Arabia in relation to three cases from Saudi courts supported by journal articles, academic books and reliable websites.FindingsThis study concludes that the Saudi AML has been efficient and effective in the battle against money laundering. This study finds that there is close coordination and collaboration between financial institutions, banks and governmental agencies in Saudi Arabia to combat this phenomenon. This study also concludes that the AML is compatible with other criminal laws such as the Anti-Bribery Law, the Anti Trafficking in Person Law and the Anti-Drug Trafficking Law.Research limitations/implicationsThis paper relies mainly on publicly available information regarding the detection of money laundering schemes and the confiscation of proceeds of crime in the Kingdom of Saudi Arabia as a main source of information. There data available on the money laundering cases in the Saudi prosecution and criminal courts were limited due to the lack of public disclosure of such cases because of their sensitivity. This was made up for by using reliable sources in which some cases were reported.Originality/valueThis paper underlines the efficient aspects of the current AML that contribute to reduction of money laundering in Saudi Arabia. This paper emphasizes on the importance of the structure of collaboration between regulatory, financial and law officers to implement the rule of law and achieve justice.

Journal

Journal of Money Laundering Control – Emerald Publishing

Published: May 30, 2023

Keywords: Money laundering; Crime; Illegal; Criminal law

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