The Saudi Gazette is reporting that the Kingdom of Saudi Arabia has imposed strict new regulations to fight and prevent the possible use of gold, jewelry and precious stones in connection with money laundering or terror financing.
A leading daily pan-Arab newspaper, Al-Hayat, reported that,
“Individuals working at the Saudi gold and jewelry market have recently noted that
diamond and other precious stones may well be used for “bleaching” of money and for
finding inroads into financing terrorism. A number of tradesmen indicated that jewels are perfect choice for money laundering as they are both lightweight and expensive.”
The Ministry of Interior is now directing owners of gold and jewelry shops within the Kingdom to be on the watch for suspicious transactions and is requiring them to report such activity. Al-Hayat reported that a recent Royal Decree established the anti-money laundering regulation and new Financial Investigations Unit. The unit reports to the Assistant Minister of Interior for Security Affairs and is directly involved with analyzing data and of reporting all suspicious transactions at all financial and non-financial institutions.
Source:
http://www.saudigazette.com.sa/index.cfm?method=home.
regcon&contentID=200805267527
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