RIYADH, 8 October — A conference on money laundering to be held today has been postponed by the Council of Saudi Chambers of Commerce and Industry. The council had to postpone the event as several participants said they were unable to attend it in the aftermath of the terror attacks in the United States and subsequent international developments, said a top official of CSCCI.
The European and American participants also were particularly worried about travel problems they may encounter.
The council is currently striving to set a new date for the seminar, said Osama Kurdi, secretary-general of the council.
The primary objective of the seminar was to give an insight into the criminal practice of money laundering both in Arab and international arenas and the ways to protect the Saudi economy from the fast spreading menace.
It is estimated that drug trafficking is a major source for illegal money, which is then made legitimate by being invested in profitable ventures. The $400 billion illegal narcotic business is equal to 8 percent of total global trade annually.
It is in fact greater than the trading in iron, steel and motor vehicles put together.
Instant remittance facilities on the Internet has simplified the money laundering operations on an international level, unlike in the past when huge quantities of hard cash had to be carried by hand from place to place. It is also extremely difficult to track down the agents and clients who use the hi-tech money transfer system for money laundering.
