Experts praise new Saudi specialist anti-fraud units

 Legal and financial experts emphasized the importance of combating financial fraud crimes, which have serious criminal and economic ramifications on society. (Supplied)
Legal and financial experts emphasized the importance of combating financial fraud crimes, which have serious criminal and economic ramifications on society. (Supplied)
Short Url
Updated 21 January 2022

Experts praise new Saudi specialist anti-fraud units

 Legal and financial experts emphasized the importance of combating financial fraud crimes, which have serious criminal and economic ramifications on society. (Supplied)
  • The new legislation defines all aspects of financial crimes in detail and sets out the maximum penalties while taking into account the rapid pace of technological advances

RIYADH: Legal and financial experts have supported the decision of the Saudi Attorney General Saud Al-Mojeb to create new specialized units for investigating financial fraud.
Zahra Al-Nasser, an assistant professor in the department of finance and banking at Dar Al-Uloom University, told Arab News that the move to form new specialized units to investigate financial fraud will significantly enhance business sector governance and protect against the degradation of the pillars of economic prosperity.
“The best example is the collapse of the Saudi financial market in 2006. The market lost more than SR1 trillion ($266 billion), which is still fresh in the minds of investors, affected investor confidence, and resulted in the loss of much of their wealth and savings. One of the reasons was the Saudi market’s weak legislation,” Al-Nasser said.




Legal advisor, Thamer Al-Enezi. (Supplied)

Thamer Al-Enezi, a legal adviser, told Arab News that financial fraud has become an international issue, deceiving some highly educated workers due to its professionalism.
Al-Enezi said it was necessary to have highly efficient specialists to deal with fraud.

The Public Prosecution stressed the importance of addressing all cases of financial fraud, particularly those that involve cross-border networks.
The new legislation defines all aspects of financial crimes in detail and sets out the maximum penalties while taking into account the rapid pace of technological advances.
The Public Prosecution added that the new units have specialists in financial fraud crimes who are members of the Public Prosecution Office and have received investigation training courses.
The courses include criminal patterns and methods, tracking perpetrators, and stolen funds.




The possible punishments for individuals convicted of committing financial crimes include up to seven years in prison and a maximum fine of SR5 million ($1.3 million).

Al-Enezi, who owns a law firm, added that some financial frauds use the corporate entity as a cover, affecting the corporate sector’s reliability.
Therefore, a package of preventive measures was taken by government agencies such as the Saudi Central Bank and other authorities such as the Public Prosecution to protect society from money fraud. These measures help adhere to high governance standards and maintain formidable cybersecurity levels.
Al-Enezi pointed out that some of these crimes have technical flaws that facilitate financial fraud detection.
The law for combating financial fraud stipulates that guilty parties will be imprisoned “for no more than seven years and fined no more than SR5 million.”
Al-Nasser said that companies are now expected to take bolder steps to fight fraud, such as updating frameworks and approaches, increasing commitment and compliance, enhancing precautions and using deeper audits.
She said that companies may incur additional costs as they update procedures because many of them fall into financial fraud due to “weak internal governance mechanisms.”
The assistant professor praised the new units and focus on financial fraud, which she said would improve investor confidence and contribute to “the Kingdom’s Vision 2030 goals through the Financial Sector Development Program, which aims to deepen the financial market, increase liquidity levels and improve transparency.”


Saudi Arabia tells UN meeting on food security ‘global cooperation is vital’

Saudi Arabia tells UN meeting on food security ‘global cooperation is vital’
Updated 19 May 2022

Saudi Arabia tells UN meeting on food security ‘global cooperation is vital’

Saudi Arabia tells UN meeting on food security ‘global cooperation is vital’
  • Deputy Foreign Minister Waleed Al-Khuraiji said the KSA’s foreign policy attaches great importance to enhancing security and stability

RIYADH: A Saudi Ministry of Foreign Affairs official confirmed Wednesday that the Kingdom had taken crucial steps to enhance food security, put forward strategies to promote food growth and face climate change and water scarcity. 

Waleed Al-Khuraiji, Saudi deputy minister of foreign affairs, said these measures contributed to improving food security indicators in the Kingdom, the Saudi Press Agency reported.

During the Global Food Security Call to Action meeting at the United Nations on Wednesday, Al-Khuraiji said that the food security challenge proves that sustainable recovery depends on international cooperation.

He said despite progress in the development process, achieving the 2030 SDG (social development goals) had become extremely difficult, as global expectations and indicators show a deviation in the path towards achieving the second goal of the program, which includes the eradication of hunger.

“Among the global health challenges are the spread of pandemics, as the spread of the COVID-19 revealed to us the fragility of the international system in combating a virus that is not visible to the naked eye, which led to severe consequences that affected societies and economies,” Al-Khuraiji said, adding  that this affected people’s lives, their livelihood and declining economic indicators.

He said Saudi Arabia led a global response to the pandemic that accompanied the Kingdom’s G20 presidency, as it supported global efforts to confront this pandemic with $500 million, in addition to providing $300 million to help countries’ efforts to address the pandemic.

“The Kingdom’s ambitious Vision 2030 focused within sustainable development efforts on building a sustainable agricultural sector, strengthening sectors that support food systems, developing systems and improving agricultural productivity, and worked to strengthen research and innovation capabilities to ensure sustainable progress in food security,” Al-Khuraiji said.

In this regard, he said Saudi Arabia presented crucial initiatives to the region and the world, and had created a road map for facing environmental challenges. These intuitive include the Saudi Green Initiative the Middle East Green Initiative, and the circular carbon economy initiative.

Al-Khuraiji said the  Kingdom’s foreign policy attached great importance to enhancing security and stability, supporting dialogue and peaceful solutions, and providing conditions that support development and achieve people’s aspirations for a better tomorrow, weather in the Middle East or the world.

He added Saudi Arabia had always reiterated its commitment to helping the disadvantaged and countries hit by natural disasters and humanitarian crises.

“The Kingdom is the largest donor of humanitarian and development aid at the Arab and Islamic levels, and is one of the top three donors at the international level,” he said. 


Saudi-US defense delegations review ties, discuss future cooperation

Saudi-US defense delegations review ties, discuss future cooperation
Updated 19 May 2022

Saudi-US defense delegations review ties, discuss future cooperation

Saudi-US defense delegations review ties, discuss future cooperation
  • Deputy Defense Minister Prince Khalid says the meeting was organized upon Saudi Crown Prince Mohammed bin Salman’s directives

RIYADH: Prince Khalid bin Salman, Saudi Arabia’s deputy minister of defense, on Wednesday met the US Secretary of Defense Lloyd Austin in Washington, the Saudi Press Agency reported.

The pair reviewed the Saudi-US partnership, and ongoing and future strategic military and defense cooperation between the Kingdom and US.

Prince Khalid expressed Saudi Arabia’s appreciation for the close cooperation between the two countries' defense bodies to achieve the two sides’ common interests and enhance security and peace regionally and internationally.

 

 

He also said that the meeting was organized based on Saudi Crown Prince Mohammed bin Salman’s directives.

Prince Khalid and US Undersecretary of Defense for Policy Colin Kahl, then, co-headed the Saudi-US joint strategic planning committee meeting.

The Saudi and US defense delegations join a photo session after their meeting in Washington on May 18, 2022. (SPA)

The meeting discussed regional and international developments, and a number of issues on defending common interests and global security and stability.

The meeting was attended by Gen. Fayyadh bin Hamed Al-Ruwaili, Saudi Chief of General Staff, and other Saudi and US senior officials.


Saudi foreign minister meets Algerian counterpart during official visit

Saudi Foreign Minister Prince Faisal bin Farhan meets his Algerian counterpart Ramtane Lamamra. (SPA)
Saudi Foreign Minister Prince Faisal bin Farhan meets his Algerian counterpart Ramtane Lamamra. (SPA)
Updated 51 min 34 sec ago

Saudi foreign minister meets Algerian counterpart during official visit

Saudi Foreign Minister Prince Faisal bin Farhan meets his Algerian counterpart Ramtane Lamamra. (SPA)

RIYADH: Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan met with his Algerian counterpart Ramtane Lamamra on Wednesday evening, during his official visit to Algeria.
During the meeting, they reviewed the solid historical relations linking the two countries and ways of developing them in all fields.
The two sides also discussed enhancing joint cooperation in many aspects, the latest regional and international developments, and issues of common interest.
Lamamra hosted a dinner in honor of Prince Faisal and his accompanying delegation.
The foreign minister had arrived in the Algerian capital earlier on Wednesday.


Kahila horse championship to kick off May 25 in Saudi Arabia

Kahila horse championship to kick off May 25 in Saudi Arabia
Updated 18 May 2022

Kahila horse championship to kick off May 25 in Saudi Arabia

Kahila horse championship to kick off May 25 in Saudi Arabia
  • The event will highlight the significance of the ancient sport and the Kingdom’s efforts to advance it through local and international forums

RIYADH: An international event to celebrate the history of purebred Arabian horses is set to get underway in Saudi Arabia.

Prince Bandar bin Khalid Al-Faisal, chairman of the Equestrian Authority and the Horse Racing Club, will on May 25 patronize the launch of the second edition of the five day Kahila championship meeting.

Organized by the King Abdulaziz center for purebred Arabian horses, the event will be staged at the Riyadh Front Exhibition and Convention Center and will highlight the significance of the ancient sport and the Kingdom’s efforts to advance it through local and international forums.


73 held after Saudi patrols intercept illicit drug hauls

73 held after Saudi patrols intercept illicit drug hauls
Updated 18 May 2022

73 held after Saudi patrols intercept illicit drug hauls

73 held after Saudi patrols intercept illicit drug hauls
  • The authorities thwarted attempts to smuggle 682 kilograms of hashish, 62.3 tons of khat and 194,300 amphetamine tablets

RIYADH: Saudi authorities arrested 73 people after border patrols foiled massive drug smuggling attempts in several regions of the Kingdom.

Col. Misfir Al-Qarini, spokesman for the General Directorate of Border Guard, said that land patrols in the Jazan, Najran, Asir and Tabuk regions thwarted attempts to smuggle 682 kilograms of hashish, 62.3 tons of khat and 194,300 amphetamine tablets.

The seized drugs were handed over to authorities and legal steps taken against those detained, he added.

Among the alleged violators were 20 Saudi citizens, 26 Ethiopians, 23 Yemenis, two Pakistanis, one Sudanese and one Eritrean.