Participants at a recently concluded symposium called for intensified efforts and cooperation with regional and international organizations in the face of money laundering and terror financing.
The three-day symposium on the role of law enforcement agencies in combating money laundering and terror financing concluded deliberations in Riyadh yesterday. It was organized by the Bureau of Investigation and Public Prosecution in collaboration with the Middle East and North Africa Financial Action Task Force (MENAFATF).
The conferees called for the implementation of awareness campaigns that deal with the risks and damages associated with money laundering and terror financing at all levels and follow up of global developments in the fight against these crimes together with the necessity of updating interstate legislation on how to deter such crimes.
They also recommended that a mechanism of data exchange be strengthened on crimes related to money laundering and terror financing through the implementation of international conventions and treaties effectively.
They urged MENAFATF member countries to exchange experiences in combating money laundering and terror financing through appropriate mechanisms and to encourage other states to create appropriate instruments to deal with seized items suspected to have relations with these crimes.
The participants further urged law enforcement agencies to train and qualify investigators capable of dealing with issues related to money laundering and terror financing and the necessity of creating effective cooperation between local and national organs concerned with such crimes. They urged MENAFATF member countries to strictly apply the international standards on crimes related to money laundering and terror financing and to show concern over data and statistics that can be used in the fight against these crimes.
Earlier, a number of speakers presented papers at the symposium. Adviser at the International Monetary Fund Shadi Al-Khuri presented a paper on the relation between money laundering and the organized crimes and explained major elements responsible for money laundering.
Deputy Attorney General of Egypt Adnan Fanjari presented two applied cases in his country and related how the prosecutors dealt with these cases.
The symposium was briefed on efforts made by the Kingdom in combating money laundering and terror financing and the role of the Shoura Council in this regard.
Shoura Council member Abdullah bin Abdulaziz Abdulgadir said the phenomenon of money laundering and terror financing is an economic, social, political and security issue that is troubling the whole world. He reviewed the Kingdom’s efforts in fighting these crimes through adoption of a series of initiatives at local, regional and international levels.
He said the Shoura Council is one of the effective parties in the Kingdom in the fight against money laundering and terror financing through the introduction of legislation and decision-making related to these crimes.
Concerted anti-terror efforts urged
