Kingdom and Fighting Terrorism Crimes
The decision of the Council of Ministers, last Tuesday, on the approval of the executive regulations of the anti-terrorism and financing of terrorism act, after reviewing the recommendations made by the Attorney General and the recommendation prepared by the Council of Economic and Development Affairs, confirms the Kingdom's ceaseless efforts to combat this phenomenon locally, regionally and internationally, meet the international standards and requirements issued in this connection and develop its legislative, institutional and technical systems related to combating and financing terrorist crimes.
All global reports, including the report of Financial Action Task Force (FATF), recently pointed to the Kingdom's drastic changes in its anti-money laundering and counter-terrorism financing systems to bring their legal and institutional framework in line with FATF's updated recommendations. Reports also praised the measures taken by the Kingdom to combat money laundering, terrorism and proliferation of arms. This means, according to the reports, that the Kingdom proves daily that it enjoys a strong and practical understanding of the risks of money laundering and the terrorism financing.
The Kingdom has a strong legal frame and practical measures to combat terrorism and its financing. It is committed to international and bilateral conventions and international norms in this area, as efforts of the civilized world unite against this phenomenon that does not belong to any religion or homeland.
The Kingdom's financial and non-financial sectors have strong safeguard actions to combat the financing of this phenomenon. The Saudi financial institutions such as banks, finance and securities companies have a good understanding of the risks of money laundering and terrorist financing.
Furthermore, the Kingdom has given priority to counter-terrorism financing and, in this regard, has exerted tremendous efforts at the legislative, judicial and executive levels. It has already received the highest degrees of commitment to recommendations related to combating terrorism crimes and its financing.
It maintains its plans of development and work to combat this phenomenon, in order to ensure the safety of the national economy's entire sectors.
It has been in the forefront of countries that participated actively in battling terrorism and financing-related activities.
It has succeeded in enhancing local and international cooperation and coordination to combat this phenomenon and investing funds in technical systems to combat the money laundering and terrorism financing, aware of the risks of this phenomenon in the face of the entire international community.