Terror funding has ‘new face,’ warns Saudi Arabia's attorney general

Sheikh Saud bin Abdullah Al-Mua’jab
Updated 20 February 2019
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Terror funding has ‘new face,’ warns Saudi Arabia's attorney general

  • Financial crimes a rising threat to global economy, MENA forum told

JEDDAH: The changing dynamics of terror financing and money laundering posed a growing problem for countries and organizations seeking to halt their spread, a regional conference in Cairo was warned.

Saudi Arabia's Attorney General Sheikh Saud bin Abdullah Al-Mua’jab told the first Middle East and North Africa conference on countering terrorism that new forms of transnational terror funding and money laundering demanded greater cooperation between states and organizations.

The conference, organized by the Egyptian Public Prosecution Office, aims to bolster international unity in the face of the escalating threat of terrorist financing and money laundering operations.

“Saudi Arabia has spared no effort in combating these two crimes,” Al-Mua’jab said.

He said money laundering and terror financing are at the “forefront of global criminal phenomena,” and often complemented each other.

“One of the most important steps the world has taken through its international and regional systems is to engage in initiatives and agreements to combat terrorism financing and money laundering as the artery of the criminal body that strikes the global economy,” he said.

“Saudi Arabia is a key partner in the international coalition against the so-called Daesh terrorist organization and leads, together with the US and Italy, the Counter Daesh Finance Group. It has also implemented laws and procedures aimed at combating money laundering and terrorist financing,” he said.

Al-Mua’jab said the September 2018 report of the Financial Action Task Force (FATF) on Saudi Arabia had praised the Kingdom’s commitment to the recommendations of the group.

“Saudi Arabia has spared no effort in combating these two crimes,” he said. “It was one of the first countries in the world to be affected by terrorist acts. Its experience of combating the crimes has been exemplary.”

He said measures taken by the Kingdom included the 2017 “Law of Combating Crime and its Financing,” regulation of charities and the establishment of a standing committee to investigate money laundering.

The Kingdom’s Public Prosecution Office recently released a manual outlining steps to counter money laundering, including measures for seizure and confiscation, tracking of funds and details of international cooperation. 

The Saudi Arabian Monetary Authority has also issued a guidebook for Saudi banks to combat money laundering. 

A recent Saudi Cabinet meeting outlined strategic objectives for reducing the risks of the two crimes, he said.


Algeria tensions: Governing party chief backs protesters

Updated 20 March 2019
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Algeria tensions: Governing party chief backs protesters

  • Moab Bouchareb told a meeting of party leaders that the party “supports the popular movement”

ALGIERS: The acting head of Algeria’s governing party says it is throwing its support behind protests against President Abdelaziz Bouteflika
Critics viewed the move Wednesday as an effort to save the reputation of the FLN party, or National Liberation Front, amid increasing disillusionment with Algeria’s power structure.
FLN interim leader Moab Bouchareb told a meeting of party leaders that the party “supports the popular movement.” But he also appeared to support Bouteflika’s “roadmap” for political reforms.
Bouchareb himself has been criticized as representing a leadership considered corrupt and out of touch with Algeria’s struggling youth. The FLN is Bouteflika’s party.
On Wednesday, foreign affairs minister Ramtane Lamamra said the Algerian government is “ready for dialogue” with demonstrators.
“As I see it, the demonstrations have only grown more numerous, and there will be no solution except through dialogue,” he said in a press conference in Berlin.
“The Algerian government is ready for dialogue, and beyond that, they are prepared to welcome the representatives of the opposition and civil society in the new government which is currently being formed.”
Algerian Prime Minister Noureddine Bedoui has been struggling to form a new government as candidates sought to keep their distance from Bouteflika. Bedoui, who was appointed last week, had promised to create a new cabinet within days to respond to the demands of Algeria’s demonstrating youth.
Separately, the Protestant Church of Algeria issued a statement supporting the protests. The Church, whose exact number of members is not precisely known in the largely Muslim country, said it “fully shares the aspirations and legitimate claims of the Algerian people.”
Algeria’s union for imams and the Islamic High Council, a consultative body, had previously expressed their support for the protests.
Protesters want the ailing Bouteflika to step down after 20 years in power. Bouteflika responded by abandoning plans for a fifth term and promising reforms, but also delayed presidential elections indefinitely.
Demonstrators have demanded the government quit at the technical end of its mandate in April, along with the president who has rarely been seen since a 2013 stroke.