Anti Money Laundering Law

Release Date:	1433-05-11
Release Tool:	Royal Decree
Issuance Instrument Number:	m/31
Validity:	Cancelled
Summary:	By AI The Council of Ministers approved the Law on Combating Money Laundering, while continuing to enforce the provisions related to crimes of financing terrorism until the new law is issued. The law includes essential definitions and specifies the criminalized acts, punishing individuals and financial and non-financial entities that participate in money laundering. It requires financial institutions to verify the identity of clients and retain financial records for ten years, and it obliges them to r...

Release Date:

1433-05-11

Release Tool:

Royal Decree

Issuance Instrument Number:

m/31

Validity:

Cancelled

Summary:

By AI

The Council of Ministers approved the Law on Combating Money Laundering, while continuing to enforce the provisions related to crimes of financing terrorism until the new law is issued. The law includes essential definitions and specifies the criminalized acts, punishing individuals and financial and non-financial entities that participate in money laundering. It requires financial institutions to verify the identity of clients and retain financial records for ten years, and it obliges them to r...