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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)
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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.

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Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
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Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell on Friday, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears.
Brent crude futures fell 55 cents, or 0.8%, to $72.73 a barrel by 0758 GMT. US West Texas Intermediate crude futures were at $69.52, down 20 cents, or 0.3%, compared with Wednesday's closing price.
On a weekly basis, Brent futures were down 3.3% and the U.S. WTI benchmark was trading 3.8% lower.
Israel and Lebanese armed group Hezbollah traded accusations on Thursday over alleged violations of their ceasefire that came into effect the day before. The deal had at first appeared to alleviate the potential for supply disruption from a broader conflict that had led to a risk premium for oil.
Oil supplies from the Middle East, though, have been largely unaffected during Israel's parallel conflicts with Hezbollah in Lebanon and Hamas in Gaza.
OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a scheduling conflict. OPEC+ is expected to further extend its production cuts at the meeting.
BMI, a unit of Fitch Solutions, downgraded its Brent price forecast on Friday to $76/bbl in 2025 from $78/bbl previously, citing a "bearish fundamental outlook, ongoing weakness in oil market sentiment and the downside pressure on prices we expect to accrue under Trump."
"Although we expect the OPEC+ group will opt to roll-over the existing cuts into the new year, this will not be sufficient to fully erase the production glut we forecast for next year," BMI analysts said in a note.
Also on Thursday, Russia struck Ukrainian energy facilities for the second time this month. ANZ analysts said the attack risked retaliation that could affect Russian oil supply.
Iran told a UN nuclear watchdog it would install more than 6,000 additional uranium-enriching centrifuges at its enrichment plants, a confidential report by the watchdog said on Thursday.
Analysts at Goldman Sachs have said Iranian supply could drop by as much as 1 million barrels per day in the first half of next year if Western powers tighten sanctions enforcement on its crude oil output.