Saudi Arabia strengthened its regulatory and legislative framework to combat money laundering and terrorist financing, Saudi Central Bank governor Ahmed Alkholifey said on Wednesday.
“Based on its belief in the importance of enhancing compliance with the international standards issued by the Financial Action Task Force for combating money laundering and terrorist financing, the kingdom has been keen over the past years to strengthen the legislative and regulatory framework to combat these crimes,” Mr Alkholifey said.
“The relevant authorities have approved the regulations and instructions that contribute to raising the level of protection of financial transactions and their integrity and transparency.”
Mr Alkholifey made the remarks while speaking at the virtual Compliance and Anti-money Laundering Seminar, which was organised by the Saudi Central Bank and Refinitiv.
Countries across the globe are strengthening regulations to tackle money laundering and prevent the financing of terrorist activities. In November, the UAE's Ministry of Economy set up a new anti-money laundering department to ensure all non-financial businesses and professionals comply with local laws.
The Central Bank of the UAE also instructed all hawala providers – informal funds transfer service providers for individuals utilising non-bank methods – to register with the central bank to "enhance transparency in financial transactions" and strengthen the oversight of money transfers.
It also imposed administrative sanctions on two exchange houses operating in the country and fined them Dh1.45 million ($395,000) for not complying with the country's anti-money laundering rules in October.
Mr Alkholifey said the kingdom’s Anti-Money Laundering Permanent Committee is undertaking a number of initiatives and providing international expertise to boost the performance and efficiency of the authorities to tackle the problem.
“The Anti-Money Laundering Permanent Committee, in partnership with the appropriate committees in the kingdom, has been keen on developing the performance of the competent authorities, undertaking a number of initiatives and providing international expertise in order to contribute to enhancing the performance and efficiency of the authorities concerned, and boosting the application of international obligations and standards in this regard.”
Leaders from G20 countries are committed to combating money laundering and financing of terrorism and arms proliferation, said Mr Alkholifey, who is also the chairman of the kingdom's Anti-money Laundering Committee.
These crimes affect the global financial system and G20 leaders will “work closely with the FATF to prevent criminal organisations from benefiting from the conditions experienced by countries of the world”, he added.
At the height of the Covid-19 stay-at-home measures, more than 2.57 million phishing attacks were detected across the Middle East in the second quarter of this year, cybersecurity firm Kaspersky said in August.
Saudi Arabia, the biggest Arab economy, witnessed 973,061 phishing attacks, the most in the region, followed by the UAE with 617,347 attacks, it said.
The kingdom is taking appropriate measures to prevent cybercrimes and is encouraging financial institutions to enhance electronic and digital payments amid the Covid-19 pandemic, he said.
"In response to the threats arising from the spread of the corona pandemic, the kingdom, represented by the competent authorities, including the Saudi Central Bank, has taken many procedures and measures necessary to manage these risks by developing appropriate policies to respond to them."
Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The biog
Name: Shamsa Hassan Safar
Nationality: Emirati
Education: Degree in emergency medical services at Higher Colleges of Technology
Favourite book: Between two hearts- Arabic novels
Favourite music: Mohammed Abdu and modern Arabic songs
Favourite way to spend time off: Family visits and spending time with friends
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
HEADLINE HERE
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
ENGLAND SQUAD
For first two Test in India Joe Root (captain), Jofra Archer, Moeen Ali, James Anderson , Dom Bess, Stuart Broad , Rory Burns, Jos Buttler, Zak Crawley, Ben Foakes, Dan Lawrence, Jack Leach, Dom Sibley, Ben Stokes, Olly Stone, Chris Woakes. Reserves James Bracey, Mason Crane, Saqib Mahmood, Matthew Parkinson, Ollie Robinson, Amar Virdi.
MATCH INFO
RB Leipzig 2 (Klostermann 24', Schick 68')
Hertha Berlin 2 (Grujic 9', Piatek 82' pen)
Man of the match Matheus Cunha (Hertha Berlin
BABYLON
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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