RIYADH, 15 April — The Saudi Arabian Monetary Agency (SAMA) is expected to announce its strategic plans to fight money laundering at an international conference on the topic scheduled to be opened here on May 13.
Recent world events have increased the keenness of the Kingdom’s public and private sectors to combat financial crimes, especially money laundering and terror financing.
The Saudi government is also deeply concerned over commercial fraud and swindling through the Internet and other money laundering operations using modern telecommunications facilities.
The conference, which was earlier set for October last year, was postponed to May 2002 as a result of the Sept. 11 terror attacks. It was postponed because many speakers from Europe and the United States were unable to attend the conference.
The Saudi authorities are afraid that the electronic transfer, settlement and payment systems may be misused by criminals for dubious financial operations and money laundering, as has happened in many Arab and European countries.
A recent international report has confirmed that such illegal transfers are possible if gangsters use advanced telecommunications facilities.
Observers say that 25 percent of electronic transfer messages sent from banks and individuals from abroad do not include detailed information about such transfers. The report urged governments to develop regulations to fight money laundering.
It has been reported that the drug traffickers resort to money laundering to convert their huge revenues into legal money. The volume of the annual drug trade is estimated at more than $400 billion, which is eight percent of the total world trade.
