SAMA governor: Saudi government keen on combating money laundering

Ahmed Al-Kholifey. (REUTERS)
Updated 26 October 2017

SAMA governor: Saudi government keen on combating money laundering

RIYADH: Ahmed Abdulkarim Alkholifey, governor of the Saudi Arabian Monetary Agency (SAMA) and chairman of the Anti-Money Laundering Permanent Committee (AMLPC), welcomed the Cabinet’s approval of the new anti-money laundering law on Wednesday.
“The new law meets the requirements of the current stage and aims to make anti-money laundering regulations, legislation and procedures more efficient,” he said.
He stressed that the government is keen on combating money laundering in order to protect public interests and ensure that the regulatory environment in Saudi Arabia follows international standards, especially when it comes to combating such activities.
“Saudi Arabia is among the first countries to fight money laundering,” he said. “The Kingdom has called on the international community to combat such crimes, which result in damage and many negative consequences, resulting in negative impact on a country’s security and the global economy.”
“The Kingdom has taken measures in the part years to significantly diminish these crimes,” he added.
According to an earlier report published in Arab News in August, between 2015-2016, 66 Saudis and 149 residents were convicted of money laundering.
The number convicted included 15 Saudis and 28 residents in Riyadh; 18 Saudis and 41 residents in Makkah; two Saudis and seven residents in Madinah; three residents in Al-Qasim; 25 Saudis and 66 residents in Al Sharkiya; and five Saudis and four residents in Asir.


Saudi Ministry of Human Resources and Social Development reports launch of 20 initiatives

Updated 28 February 2020

Saudi Ministry of Human Resources and Social Development reports launch of 20 initiatives

  • Al-Rajhi also announced that the ministry has signed agreements and launched several initiatives to nationalize 595,000 jobs by the end of 202

RIYADH: The Minister of Human Resources and Social Development Eng. Ahmed bin Suleiman Al-Rajhi said on Thursday that the ministry has recently launched 20 new initiatives based on recommendations from entrepreneurs to help develop the Saudi labor market. Al-Rajhi was speaking at a workshop aimed at supporting private sector facilities in Saudi Arabia.

“The ministry, in cooperation with relevant authorities, launched 68 initiatives last year aiming to develop and nationalize the business sector in the Saudi labor market and address related challenges,” he said in his opening speech. “The ministry has achieved everything that was agreed on in meetings and workshops held with businessmen, and the aim of (today’s) meeting is to follow up on the sector’s needs to help develop new initiatives.”

He added that the ministry is working on measuring the impact of the 20 most-recent initiatives on the development of the Saudi labor market, explaining that they were designed to “expand the development of the private sector through automation, enable employees of the private sector to develop incentives and rehabilitation programs, and improve the organization of the labor market by implementing relevant legislation.”

Al-Rajhi also announced that the ministry has signed agreements and launched several initiatives to nationalize 595,000 jobs by the end of 2020. To date, he said, those initiatives have resulted in more than 323,000 Saudis joining the labor market, adding that the ministry is working on nationalizing engineering and health soon.

He finished by saying that the ministry will continue to assist in developing the business sector and increasing Saudis’ participation in economic and national development, in line with Saudi Vision 2030.