Saudi Central Bank Governor Ayman Al-Sayari announced that Saudi Arabia has the highest compliance in supervision and regulation among G20 countries. He warned that financial crimes are costly for countries, harming their financial stability and investment levels.
Al-Sayari spoke at the “Arab Forum for Anti-Corruption Agencies and Financial Intelligence Units,” a two-day event sponsored by Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia and held in Riyadh.
The forum aimed to strengthen cooperation and build capacity among agencies fighting financial crimes, money laundering, and terrorism financing in the Middle East and North Africa.
Al-Sayari highlighted that Saudi Arabia’s compliance with international anti-corruption and organized crime standards has strengthened the Kingdom’s financial system and increased trust.
He pointed out the effective measures taken against financial crimes and corruption, including preventive steps.
The Saudi Central Bank uses a comprehensive approach to balance growth with acceptable risk levels, ensuring financial stability and integrity, asserted the governor.
Al-Sayari stressed the importance of working closely with regulatory bodies and authorities, especially in combating financial crimes and corruption.
He also noted that Saudi Arabia’s financial regulators provide specialized training to employees, equipping them with the technological tools needed to detect crimes.
At the end of its sessions on Thursday, the forum issued recommendations for Arab countries to adopt a model agreement to boost local cooperation between anti-corruption agencies and financial intelligence units.
The forum suggested Arab countries promote this model agreement in international forums to showcase their efforts in fighting money laundering, terrorism financing, and related crimes, especially corruption.
The recommendations also called for stronger local and international cooperation to combat money laundering, terrorism financing, and corruption.
This includes effectively implementing the UN Convention against Corruption and other relevant agreements.
The forum emphasized working with the private sector and building partnerships to protect societies from these crimes. It also highlighted the need for capacity building and knowledge enhancement through specialized courses, workshops, and the exchange of expertise.
