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Saudi Arabia Tops G20 Countries in Financial Regulation Compliance

The Arab Forum for Anti-Corruption Agencies and Financial Intelligence Units was held over two days in Riyadh. (X)
The Arab Forum for Anti-Corruption Agencies and Financial Intelligence Units was held over two days in Riyadh. (X)
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Saudi Arabia Tops G20 Countries in Financial Regulation Compliance

The Arab Forum for Anti-Corruption Agencies and Financial Intelligence Units was held over two days in Riyadh. (X)
The Arab Forum for Anti-Corruption Agencies and Financial Intelligence Units was held over two days in Riyadh. (X)

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.

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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."