Fahd bin Abdullah Al-Mubarak, governor of the Saudi Arabian Monetary Agency, yesterday inaugurated the 15th plenary session of the Middle East & North Africa Financial Action Task Force at Jeddah Hilton and emphasized MENAFATF’s role in protecting countries of the region from money laundering crimes.
He said the organization has been giving utmost importance to regulations to fight money laundering and terrorism funding during the past five years. Such regulations were essential in the wake of modern financial and banking systems that facilitate transfer and payment of money.
“Quick completion of trade deals and presence of indirect financial transactions without the actual presence of dealers pose a big danger as some people might use these facilities to achieve their illegitimate objectives,” the governor said.
The SAMA chief said the international community has been giving utmost importance to combating money laundering crimes and terror funding in order to protect the global financial system and confront the challenges facing secure trade dealings.
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