The Governor of the Saudi Central Bank (SAMA) reveals the Kingdom’s intensive efforts to combat financial crimes and corruption, by adopting comprehensive preventive measures aimed at confronting these phenomena and activities related to them.
The Kingdom of Saudi Arabia announced that it has achieved the highest levels of compliance in the supervision and control of the financial sector amongG20 countries.
A revealed Yemen Al-Sayyari, Governor of the Central Bank The Saudi Press Agency (SAMA) said that the Kingdom of Saudi Arabia has implemented effective steps to combat financial crimes and corruption, by adopting comprehensive preventive measures aimed at confronting these crimes and their related activities.
Al-Sayyari’s statement came during his participation in the “Arab Forum for Anti-Corruption Bodies and Financial Investigation Units,” which was held over two days under the patronage of Prince Mohammed bin Salman, the Saudi Crown Prince.
He confirmed that the Kingdom topped the G20 countries in levels of compliance with financial supervision and control. He explained that financial crimes constitute a major economic burden that affects financial stability and investment rates in countries.
Also Read: China allows visa-free stay for 15 days under these circumstances
He pointed out that the Kingdom’s commitment to international agreements and standards to combat corruption and organized crime has strengthened the protection of the financial system and increased confidence in it. He stressed that the Saudi Central Bank follows a comprehensive methodology that balances achieving growth and controlling risks to ensure the stability and integrity of the financial sector.
Al-Sayyari added that cooperation and coordination with regulatory authorities and competent authorities constitute an essential part of the Central Bank’s strategy, especially in the field of combating financial crimes and corruption.
He explained that the forum focused on building capabilities and enhancing cooperation between relevant authorities in the Middle East and North Africa region to combat financial crimes, money laundering and terrorist financing.
