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Justice Minister Highlights Legislative Framework for Sustainable Business at Saudi Law Conference

The Saudi Law Conference is being held in Riyadh from October 15 to 17 under the theme “Legal Environment for Sustainable Business”. (SPA)
The Saudi Law Conference is being held in Riyadh from October 15 to 17 under the theme “Legal Environment for Sustainable Business”. (SPA)
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Justice Minister Highlights Legislative Framework for Sustainable Business at Saudi Law Conference

The Saudi Law Conference is being held in Riyadh from October 15 to 17 under the theme “Legal Environment for Sustainable Business”. (SPA)
The Saudi Law Conference is being held in Riyadh from October 15 to 17 under the theme “Legal Environment for Sustainable Business”. (SPA)

Saudi Justice Minister Walid Al-Samaani highlighted the Kingdom’s legislative development at the Saudi Law Conference that is being held in Riyadh from October 15 to 17 under the theme “Legal Environment for Sustainable Business”.

The minister said the law protects rights and the stability of the business environment. He discussed the specialized legislative system, including the Law of Civil Transactions, which underlines contractual freedom, in line with the Kingdom’s rapid progress, which requires flexibility in reaching contracts and stability in transactions.

Al-Samaani stressed the importance of attaining legal qualification and specialization, in line with the digital transformation, which necessitates training professionals in the use of technology.

He explained preventive justice and its role in protecting rights and resolving disputes without litigation, as well as in reassuring the parties of the validity of their contracts and obligations.

The minister expressed gratitude for the support Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman, Crown Prince and Prime Minister, have been showing to the judiciary.

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SAMA: Saudi Arabia Unites Regional Efforts to Combat Money Laundering

A group photo during the MENAFATF conference in Riyadh (X)
A group photo during the MENAFATF conference in Riyadh (X)
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SAMA: Saudi Arabia Unites Regional Efforts to Combat Money Laundering

A group photo during the MENAFATF conference in Riyadh (X)
A group photo during the MENAFATF conference in Riyadh (X)

Governor of the Saudi Central Bank Ayman Al-Sayari reaffirmed the Kingdom’s commitment to unifying regional efforts to combat money laundering, terrorist financing, and the proliferation of weapons, as well as addressing challenges faced by all nations in these areas.

Al-Sayari was speaking on Tuesday during the opening of the conference “Latest Developments in Combating Money Laundering, Terrorist Financing, and Weapons Proliferation,” held on the sidelines of the 39th General Meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF).

He highlighted the 20th anniversary of MENAFATF’s establishment, praising its role in raising awareness and deepening understanding of international requirements across the region, which he said has helped relevant agencies in member states strengthen their compliance with global standards.

Al-Sayari commended the efforts of Saudi authorities, particularly through specialized permanent committees, to enhance the effectiveness of anti-money laundering measures and improve the Kingdom’s adherence to international obligations.

He emphasized that as money laundering, terrorist financing, and weapons proliferation crimes continue to evolve rapidly, with increasingly complex methods, countries are striving to update their legislative and regulatory frameworks to keep pace with these changes.

Al-Sayari also underscored Saudi Arabia’s support for the goals of the Financial Action Task Force (FATF) under Mexico’s presidency, aimed at combating financial flows that fuel money laundering and terrorism. These efforts, he stressed, contribute to the integrity, stability, and sustainable growth of the global economy.

Saudi Arabia actively participates in FATF discussions to ensure that cross-border transactions are more efficient, transparent, and inclusive, while maintaining compliance with due diligence requirements and other necessary safeguards.

Separately, Al-Sayari held discussions with FATF President Elisa de Anda Madrazo on key updates and mutual areas of interest in combating money laundering, terrorist financing, and weapons proliferation.