Money laundering poses serious threat to economy and social life


November 11 2019

The Anti-Money Laundering Permanent Committee (AMLPC) has asserted that money laundering crimes pose a serious risk to the economic and social aspects of any country, especially those employing weak measures in combating the menace.

According to AMLPC, money laundering emerges from criminal minded people legitimizing funds resulting from other crimes, known by law as predicate offenses. This includes all offenses committed within, or any act committed outside the Kingdom if it constitutes a crime according to the laws of the State where it was committed and would have constituted an offense under the Shariah or statutory laws of the Kingdom had it been committed therein.