Saudi Arabia Works on Strengthening Legislation Frameworks to Combat Money Laundering

The 14th Compliance and Anti-Money Laundering (CAML) seminar was held on Monday in Riyadh, Saudi Arabia (Asharq Al-Awsat)
The 14th Compliance and Anti-Money Laundering (CAML) seminar was held on Monday in Riyadh, Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Works on Strengthening Legislation Frameworks to Combat Money Laundering

The 14th Compliance and Anti-Money Laundering (CAML) seminar was held on Monday in Riyadh, Saudi Arabia (Asharq Al-Awsat)
The 14th Compliance and Anti-Money Laundering (CAML) seminar was held on Monday in Riyadh, Saudi Arabia (Asharq Al-Awsat)

Saudi authorities have been keen on strengthening legislative and regulatory frameworks to combat money laundering crimes, confirmed Deputy Governor for Supervision at the Saudi Central Bank (SAMA) Yazeed AlSheikh.

Speaking at the 14th Compliance and Anti-Money Laundering (CAML) seminar in Riyadh, AlSheikh reaffirmed that the Kingdom attaches great importance to combating financial crimes, including money laundering and terrorism financing.

The deputy governor stressed that money laundering crimes and their accelerating developments constitute one of the major challenges facing the international community and governments worldwide.

It also negatively impacts the stability of financial and economic systems, explained AlSheikh, highlighting how this also threatens international peace and security.

AlSheikh stated that holding the CAML seminar reflects Saudi Arabia’s commitment to fulfilling its international obligations.

The seminar presents an appropriate opportunity for practitioners working in concerned authorities, financial institutions, and specific non-financial businesses and professions to learn about the best international experiences and practice in the field, added AlSheikh.

The exchange of experiences will strengthen and build the technical and knowledge capabilities of practitioners in the Kingdom, he reaffirmed.

Moreover, AlSheikh highlighted several important issues related to legislation and challenges related to combating proliferation financing and Internet fraud crimes.

CAML is organized by SAMA, Anti-Money Laundering Permanent Committee (AMLPC) and Refinitiv (An LSEG Business) and is held under the patronage of Ayman Alsayari, Governor of SAMA.

The annual event welcomes several regional and international speakers from Financial Institutions, Regulators, Technology firms and Advisory Groups. It is recognized as a valuable platform for an exchange of ideas and information between the Kingdom’s business leaders, financial institutions and local professionals.

CAML, in five sessions, tackled the topics including the latest global regulatory developments, the latest challenges in proliferation financing, cyber-enabled fraud crime, financial inclusion, and outsourcing AML activities.



Cyprus Says Egypt’s Infrastructure Helps Unlock Potential of Its Gas Reserves

 Officials are seen at Egypt’s international Energy Show (EGYPES 2025). (Asharq Al-Awsat)
Officials are seen at Egypt’s international Energy Show (EGYPES 2025). (Asharq Al-Awsat)
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Cyprus Says Egypt’s Infrastructure Helps Unlock Potential of Its Gas Reserves

 Officials are seen at Egypt’s international Energy Show (EGYPES 2025). (Asharq Al-Awsat)
Officials are seen at Egypt’s international Energy Show (EGYPES 2025). (Asharq Al-Awsat)

Cypriot Energy Minister George Papanastasiou said Egypt's energy infrastructure helps Cyprus make the most of its gas reserves.

Speaking at Egypt’s international Energy Show (EGYPES 2025), Papanastasiou stressed that a successful energy transition should focus on energy security, affordable resources, and supporting technologies.

He also emphasized the importance of working with Egypt, given its competitive advantages in the sector.

Egypt and Cyprus signed two agreements on Monday, on the sidelines of EGYPES 2025, to begin developing Cyprus’ natural gas discoveries using Egypt’s infrastructure.

The agreements are part of Egypt’s Petroleum Ministry strategy to transform the country into a regional hub for natural gas trade, by receiving gas from Eastern Mediterranean discoveries, directing it to the local market, and re-exporting it to Europe.

Egyptian Petroleum Minister Karim Badawi emphasized Egypt’s role as a regional energy hub, thanks to its strong infrastructure in the petroleum and gas sectors.

He said the main goal of regional energy cooperation is to help countries make the most of their resources and infrastructure, with close partnerships between Egypt, Cyprus, and Europe for mutual benefit.

Egypt’s strategy focuses on using its location and advanced infrastructure to boost its role in renewable and green energy, as well as petrochemicals, Badawi explained.

He also highlighted plans to diversify energy sources, increase renewable energy, and explore green hydrogen, while responsibly producing oil and gas with minimal carbon emissions.

Greek Energy Minister Theodore Skylakakis discussed Greece's efforts to secure energy and develop electricity infrastructure, turning the country from an importer into an exporter of electricity for the first time.

Badawi signed a memorandum of understanding (MoU) with Skilakakis on cooperation in carbon capture, storage, and utilization with the aim to reduce carbon emissions from the energy sector and support low-carbon economy.

The MoU, inked on the sidelines of EGYPES 2025, seeks to facilitate knowledge exchange between Egypt and Greece on the application of carbon capture and storage (CCS) technologies that capture the greenhouse gas carbon dioxide and store it safely underground, so that it does not contribute to climate change.

The scope of cooperation includes developing proposals for a regulatory framework for carbon capture, storage, and utilization activities, in accordance with environmental standards and regulations.