The Council of Ministers yesterday approved the law for combating money laundering, which will also be applied to fight funding terrorism and terror organizations.
The Cabinet meeting, which was chaired by Custodian of the Two Holy Mosques King Abdullah, also approved the establishment of Makkah Techno Valley as a Saudi joint stock company.
“The new company is aimed at promoting a knowledge-based economy through partnership with educational and research institutions as well as the business and investment community,” said Culture and Information Minister Abdul Aziz Khoja.
Spelling out Makkah Techno Valley’s objectives, Khoja said it would invest in industries for the transfer of technology; prepare university students to work in the private sector; and create a suitable atmosphere for economically viable research projects.
The Cabinet statement indicated the Kingdom’s plan to issue a new law to combat crimes related to terror funding. “Rules related to the crimes of financing terrorism, terrorist acts and terror organizations specified in the anti-money laundering law will continue to be applied until the issuance of a new law to combat such crimes,” Khoja said.
Detailed news link: here
Check the following link for Saudi AML legislation (Third and final update): here
Source of Saudi govt. Regulations: here