Saudi Arabia
CENTRAL AUTHORITY FOR REPORTING
Financial Intelligence Unit (FIU)
ARE LAWYERS COVERED BY ANTI-MONEY LAUNDERING LEGISLATION?
Yes, according to Article 1 (5) of Anti Money Laundering Law, the law applies to Financial and Non- Financial Institutions, which are defined as: “any establishment in the kingdom engaged in any one or more financial, commercial or economic activity such as banks, money- exchangers, investment companies, insurance companies, commercial companies, establishments, professional firms or any other similar activities set forth in the Implementation Rules.”
LAWS REGARDING ANTI-MONEY LAUNDERING PROCEDURES
The Anti Money Laundering Law, as enacted by Royal Decree No. M/39 dated 25/6/14124 H / 24/8/2003
IN ADDITION TO THESE LAWS, IS THERE ANY MONEY LAUNDERING GUIDANCE FOR LAWYERS CURRENTLY IN PLACE?
No information available
UNDER WHAT CIRCUMSTANCES IS A LAWYER UNDER THE OBLIGATION TO REPORT?
Article 7 of Anti Money Laundering Law
Article 7 of the Law provides that upon gathering sufficient indications and evidence regarding unusually large, complex, or suspicious transactions or operations related to money laundering, terrorist acts, or terrorist organisations, Financial and Non-Financial Institutions must take the following measures:
- Inform the Financial Intelligence Unit immediately as provided for in Article 11 of the Law; and
- Prepare and submit to the Financial Intelligence Unit a detailed report including all available data and information on the parties involved therein.
CLIENTS IDENTIFICATION AND VERIFICATION
Article 4 of Anti Money Laundering Law
Article 4 of the law provides that Financial and Non- Financial Institutions must verify the identity of the client, on the basis of official documents, at the start of dealing with such client or upon concluding commercial transactions therewith in person or in proxy. They must further verify the official documents of juristic person that indicate the name of the entity, its address, name of its owners, managing directors and other data stated in the Implementation Rules.”
LAWYERS PROSECUTED FOR MONEY LAUNDERING OFFENCES
No information available
