November 4, 2017
The Saudi cabinet approved proposed amendments to the anti-money laundering law, at a time when the kingdom is one of the world’s most stringent countries in facing, detecting and controlling money laundering crimes. According to the regulations, money laundering is the generic term used to describe the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source.
A money laundering crime also occurs when funds are acquired, possessed or used, knowing that the outcomes are from a crime or illegal source. Money laundering also occurs when a person hides or disguises the nature, source, movement, possession, place, use or related rights of the funds, knowingly that the funds are an outcome of a crime.