JEDDAH, 13 September - The Council of Saudi Chambers of Commerce and Industry has further intensified its campaign against money laundering and financial fraud in its bid to prevent or detect it. The council, in collaboration with IBC Gulf Conferences, will present a "rare but vital" opportunity to gain the latest know-how on the subject at an upcoming conference.
"Prevention and detection of money laundering" is meant for trade and professional service organizations, to be held at the Inter.Continental Hotel, Riyadh, for two days from Oct. 8. The interactive conference is aimed at professional service industries, especially lawyers, accountants, insurers and auditors.
The event is being organized under the direction and support of the Saudi Arabian Monetary Agency, according to Abdulrahman Al-Kanhal, assistant secretary-general for national committees, government relation and economic studies at the council.
International speakers at the event will include SAMA Governor Hamad Al-Sayari; council Vice Chairman Abdulrahman Al-Jeraisy; Ali M. Al-Ghaith, director of banking inspection, insurance and financial leasing at SAMA; and a host of UK, US and UAE experts, aside from a local law firm representative.
"No business or financial institution can afford to be associated with fraudulent crime, as financial exposure to companies even unwittingly involved in criminal activities can have disastrous knock-on effects," Al-Kanhal said.
The increased liberalization of the world's markets, the removal of trade barriers and the speed and efficiency of financial transactions have made white-color crimes and money laundering easier than ever before. The Middle East is no exception.
Some local banks and companies have been evincing keen interest in the money laundering problem.
For example, AlBank AlSaudi AlFransi held a seminar on combating money laundering recently in which speakers estimated that money laundering had become the third largest industry in the world after the currency exchange and automobile manufacturing industries, with $1.4 trillion circulating through the global banking network.
