Saudi Arabia has approved a new law governing the preservation and management of seized assets, aiming to protect them from misuse, concealment, or damage while safeguarding public and private interests and supporting the Kingdom’s economic and social development.
Hamad Al Sheikh, Minister of State, Member of the Council of Ministers, and Chairman of the Board of the Commission for the Guardianship of Trust Funds of Minors and Their Counterparts, said the Cabinet’s approval of the Law on the Management of Assets Seized and Confiscated in Money Laundering, Predicate Offenses, and Terrorism Financing Cases reflects the leadership’s commitment to strengthening the judicial and regulatory framework, improving government efficiency, and reinforcing governance and transparency.
Al Sheikh said the law protects rights, boosts confidence in government institutions, and supports the goals of Saudi Vision 2030 by establishing a comprehensive legal framework for managing seized and confiscated assets.
It defines the law’s scope, identifies the authorities responsible for implementation, and sets out the legal and procedural rules governing asset preservation and management.
He added that the legislation will improve the management of seized assets, maximize their economic value, enhance spending efficiency, protect public resources, and strengthen the Kingdom’s legal and investment environment.
It also promotes justice and transparency, safeguards the rights of individuals and stakeholders, and supports sustainable development and quality of life.
According to Al Sheikh, the law aligns with international best practices and demonstrates Saudi Arabia’s commitment to the standards of the Financial Action Task Force (FATF), reinforcing the Kingdom’s global standing in governance and institutional management.
Published in the official gazette, the 15-article law assigns the Authority responsibility for preserving and managing seized assets upon a court order and at the request of the competent authority.
Its board may set management policies, hire specialized Saudi public or private entities to manage assets requiring technical expertise, and open dedicated accounts at the Saudi Central Bank or licensed banks to hold seized funds.
