Middle-east Arab News Opinion | Asharq Al-awsat

Procedures to Prevent Gray Funds’ Leakage to Financial System | ASHARQ AL-AWSAT English Archive 2005 -2017
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Riyadh- Capital Market Authority affirmed its keenness on the safety of invested funds in the capital market and their adherence with existing law.

CMA reiterated that it has issued in December 2008 regulations of combating money laundering and terrorism funding.

Item number 1 of December 2008 regulations explains that they aim to reinforce integrity and transparency of the capital market as well as to protect licensed individuals and their clients from illegal operations including money laundering, terrorism funding or any other criminal act.

Item number one also stresses that these regulations are binding for individuals and institutions enlisted in the capital market authority.

Licensed individuals and financial institutions abide by policies, procedures and international regulations that help combat money laundering and terrorism funding.

Capital Market Authority and Saudi Arabia Financial Investigation held recently a workshop in Riyadh.

The purpose of the workshop was to raise awareness towards mechanisms of combating suspicious financial operations.

Attendees highlighted the important role of financial institutions with regards to the quality of updated patterns of financial operations that might be exploited in suspicious manner.