Saudi Arabia Regulates Management of Assets Seized in Money Laundering, Terrorism Financing Cases

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. (SPA)
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. (SPA)
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Saudi Arabia Regulates Management of Assets Seized in Money Laundering, Terrorism Financing Cases

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. (SPA)
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. (SPA)

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.



Albudaiwi: Water Security is Strategic Priority for Gulf Stability, Energy Security

Part of the "Water as a Strategic Imperative: From Global Challenges to Collective Action" session held on the sidelines of the 81st session of the UN General Assembly in New York (GCC)
Part of the "Water as a Strategic Imperative: From Global Challenges to Collective Action" session held on the sidelines of the 81st session of the UN General Assembly in New York (GCC)
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Albudaiwi: Water Security is Strategic Priority for Gulf Stability, Energy Security

Part of the "Water as a Strategic Imperative: From Global Challenges to Collective Action" session held on the sidelines of the 81st session of the UN General Assembly in New York (GCC)
Part of the "Water as a Strategic Imperative: From Global Challenges to Collective Action" session held on the sidelines of the 81st session of the UN General Assembly in New York (GCC)

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi stressed that water security constitutes a strategic priority for GCC member states, directly intersecting with human security, economic prosperity, food security, and energy security as a fundamental pillar of stability.

Albudaiwi made the remarks during a panel titled "Water as a Strategic Imperative: From Global Challenges to Collective Action," organized by the Permanent Mission of the United Arab Emirates to the United Nations on the sidelines of the 81st session of the UN General Assembly in New York, SPA reported.

He noted that enduring regional water scarcity has driven GCC countries to innovate, invest, and build extensive expertise in desalination, wastewater recycling, demand management, and advanced technologies, while strengthening the water-energy-food-climate nexus.

Emphasizing that technology alone cannot guarantee water security, Albudaiwi highlighted ongoing GCC joint initiatives to establish a regional water grid interconnection. The project aims to bolster supply security, regional readiness, and emergency response capabilities during crises.

He also called for leveraging artificial intelligence, smart water management systems, and renewable energy, alongside collaborative financing models linking governments, development institutions, and the private sector to develop scalable infrastructure projects.

Albudaiwi concluded by pointing to the upcoming UN Water Conference, co-hosted by the UAE and Senegal in Abu Dhabi in December 2026, as a pivotal platform to advance multilateral water partnerships and tangible investments.


Türkiye: 'Makkah Agreement' a Strong Step Toward Regional Solutions

Saudi Crown Prince Mohammed bin Salman signed the "Makkah Joint Defense Agreement" with Turkish President Recep Tayyip Erdogan and Pakistani Prime Minister Shehbaz Sharif on August 7 (Turkish Presidency).
Saudi Crown Prince Mohammed bin Salman signed the "Makkah Joint Defense Agreement" with Turkish President Recep Tayyip Erdogan and Pakistani Prime Minister Shehbaz Sharif on August 7 (Turkish Presidency).
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Türkiye: 'Makkah Agreement' a Strong Step Toward Regional Solutions

Saudi Crown Prince Mohammed bin Salman signed the "Makkah Joint Defense Agreement" with Turkish President Recep Tayyip Erdogan and Pakistani Prime Minister Shehbaz Sharif on August 7 (Turkish Presidency).
Saudi Crown Prince Mohammed bin Salman signed the "Makkah Joint Defense Agreement" with Turkish President Recep Tayyip Erdogan and Pakistani Prime Minister Shehbaz Sharif on August 7 (Turkish Presidency).

Turkish President Recep Tayyip Erdogan described the "Makkah Joint Defense Agreement" as a strong step in the right direction toward finding solutions to the region's problems from within the region.

Parliament Speaker Numan Kurtulmus said he expects the agreement to be submitted to parliament for discussion and ratification when its new session begins on October 1.

Meanwhile, Türkiye's Defense Ministry announced that Chief of General Staff General Selcuk Bayraktaroglu would take part in an urgent meeting in Riyadh with his Saudi counterpart, General Fayyad bin Hamed Al-Ruwaili, and Pakistan's Field Marshal Asim Munir, as part of the "Makkah Joint Defense Agreement."

Saudi Arabia's Foreign Ministry said earlier Friday that the three chiefs of staff would hold an urgent meeting to discuss ways to support Saudi Arabia under the "Makkah Joint Defense Agreement," which stipulates that an armed attack on any one of the parties constitutes an attack on all of them.

Talks in New York

The foreign ministers of Saudi Arabia, Pakistan, and Türkiye discussed in New York on Thursday preparations for the urgent meeting of the chiefs of staff, aimed at discussing ways to support the Kingdom under the "Makkah Joint Defense Agreement" and its provision that an attack on any one party constitutes an attack on all parties, according to a statement by the Saudi Foreign Ministry.

Saudi Foreign Minister Prince Faisal bin Farhan held a meeting in New York on the sidelines of the 81st session of the United Nations General Assembly with Pakistan's Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar and Turkish Foreign Minister Hakan Fidan. The three ministers strongly condemned the "heinous attacks" by the Houthis targeting Makkah and civilian and economic facilities in Saudi Arabia, and praised the vigilance of the Saudi Armed Forces and their ability to defend the country's security.

The ministers affirmed Saudi Arabia's right to take the measures it deems appropriate to defend its security under Article 51 of the United Nations Charter.

Sources at the Turkish Foreign Ministry said the meeting also discussed the final stages of ongoing technical negotiations aimed at institutionalizing cooperation to be implemented under the agreement, which was signed by Saudi Crown Prince Mohammed bin Salman, Turkish President Recep Tayyip Erdogan, and Pakistani Prime Minister Shehbaz Sharif on August 7. The agreement aims to enhance regional and international security, peace, stability, and prosperity, and increase joint deterrence capabilities in response to growing instability in the region.

The agreement stipulates that an attack on one of the member states constitutes an attack on all parties.

According to the sources, the ministers also discussed preparations for the next meeting of the Political and Defense Strategic Committee established under the agreement. The committee held its first meeting in Istanbul on August 31, attended by foreign and defense ministers and chiefs of staff. The parties agreed to establish a general secretariat in Riyadh, headed by Pakistan for three years.

Erdogan: We Trust Our Brothers

Speaking to Turkish journalists upon his return from New York late Thursday after attending the UN General Assembly meetings, President Recep Tayyip Erdogan described the "Makkah Agreement" as "a strong step in the right direction."

He said that when undertaking an initiative of such importance in a challenging geographical region, it is not surprising to face some challenges. He said it is natural for some to reject a new idea or a new will when it emerges, adding that Türkiye has enough experience to avoid being drawn into provocations or falling into traps.

Erdogan said he had no doubt that the three countries would move forward more strongly with their efforts to complete the agreement's institutional framework. He said the agreement had established a foundation for finding solutions to the region's problems from within the region, after everyone had seen how those who come from outside to prescribe security solutions for the region often leave behind greater instability.

He concluded: "This seed we have planted, the Makkah Agreement, will grow and expand in a short time to become a deeply rooted tree. We trust our country and our people, and we trust our brothers."

In the same context, Turkish Parliament Speaker Numan Kurtulmus said the "Makkah Agreement" had not yet been submitted to parliament for ratification. He said he expects it to be presented when parliament resumes after its summer recess and begins its new session on October 1.

Kurtulmus said Friday that the "Makkah Agreement" does not target any country, but is primarily intended to ensure the security of the countries of the region amid ongoing conflicts and what he described as "Israeli hostile policies." He added that "the agreement is not directed against Iran, and it should not be. Rather, we hope it will become a broader agreement for the Muslim world, and Iran can join it. We also hope the agreement will become stronger with the participation of other countries in the region."


UN Security Council Condemns Houthi Attacks on Saudi Arabia

A side of a UN Security Council meeting (United Nations)
A side of a UN Security Council meeting (United Nations)
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UN Security Council Condemns Houthi Attacks on Saudi Arabia

A side of a UN Security Council meeting (United Nations)
A side of a UN Security Council meeting (United Nations)

The United Nations Security Council on Friday condemned escalating attacks on Saudi Arabia by Yemeni Houthis.

The Houthis have imposed a naval blockade on Saudi Arabia, hitting its tankers and territory and seizing swathes of Yemen's Red Sea coast, which is vital for Saudi oil exports, causing energy prices to jump.

"The members of the Security Council condemned, in the strongest terms, continued Houthi attacks against the Kingdom of Saudi Arabia, including attacks impacting civilian and energy infrastructure, which have resulted in the injury of civilians, including women and children," said the rotating president of the Council, French UN envoy Jerome Bonnafont, delivering a joint statement.

The Security Council "further stressed the importance of acting in accordance with international law, in particular the United Nations Convention on the Law of the Sea, and of upholding navigation rights and freedoms."

The body "demanded the Houthis immediately cease their military escalation and their attacks impacting civilians and civilian objects," according to the statement.