RIYADH, 29 January — Saudi Arabia said yesterday that it would urgently draft an anti-money laundering law and invite an international watchdog body to visit the Kingdom, the Saudi Press Agency reported. The agency said the Cabinet agreed during its weekly meeting to take “very urgent” steps to implement anti-money laundering measures and asked the Saudi Arabian Monetary Agency to prepare the draft law.
The Cabinet, which was chaired by Custodian of the Two Holy Mosques King Fahd, also agreed to invite a team from the Paris-based Financial Action Task Force (FATF) to evaluate how the measures were being implemented.
During the Cabinet meeting, King Fahd highlighted the lucrative investment opportunities in Saudi Arabia. “We have provided all facilities and incentives to investors from within and outside the Kingdom to establish joint investment projects,” he added.
The king said the government had eased regulations and procedures to license foreign projects in the Kingdom. He also underscored the credibility of Saudi businessmen as well as the Kingdom’s massive capabilities. King Fahd briefed the ministers on the outcome of his talks Sunday night with Jordan’s King Abdallah in Riyadh. He reiterated the government’s efforts to preserve heritage, in an apparent reference to the ongoing Janadriah festival.
The Cabinet decided to set up a supervisory council for the King Abdul Aziz Endowment to manage the Ain Al-Azizia. The six-member council chaired by one of the late king’s sons will set out the endowment’s policies and protect its rights and properties. The council will take steps to fulfill the endowment’s mission of supplying water to Jeddah and collect its revenues from various properties. The new council will replace the present management body of the Ain Al-Azizia.
Information Minister Dr. Fouad Al-Farsy said the Saudi employees of Ain Al-Azizia, including technicians and administrators, will be shifted to relevant government departments to make use of their services. The Agriculture and Water Ministry will manage the Ain Al-Azizia until the formation of a separate ministry for water.
A ministerial committee — comprising the ministries of justice, Islamic affairs and endowments, Haj, finance, and municipal and rural affairs — will identify the real estate and other properties that come under the King Abdul Aziz Endowment.
The Cabinet appointed the information minister as a member of the board of directors of the Supreme Commission for Tourism.
The meeting authorized the interior minister to hold talks with Kazakhstan to conclude an agreement for cooperation in fighting terrorism, organized crime and drug trafficking.
