Law Passed to Curb Money Laundering
From Times Wire Reports
Saudi Arabia approved an anti-money-laundering law under which financial institutions must verify the identity of a person wishing to carry out a transaction and keep a record for 10 years, the official Saudi Press Agency said.
The law defines laundering as “carrying out any monetary or proceeds transaction under the knowledge that it comes from criminal activity or an illegal source in addition to funding terrorism or terrorist acts and terrorist groups.” The U.S. called the law a positive step.
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