Saudi Arabia Leads the Fight Against Money Laundering
In a recent forum in Riyadh on global uncertainties and their impact on the Middle East region, French politician Nathalie Goulet praised Saudi Arabia for its crucial role in combating money laundering. Goulet emphasized that fighting money laundering would create a more favorable business climate, crucial for sustainable development and peace processes worldwide.
Global Challenges Call for Draconian Measures
The forum, hosted by the King Faisal Islamic Studies and Research Center in collaboration with the UN Alliance of Civilizations and the Nizami Ganjavi International Center, discussed key themes such as the new world order facing various challenges. Goulet highlighted the need for strict regulations to address financial crimes, including money laundering, drug trafficking, and corruption.
Impact of Money Laundering on Stability
Goulet, a senator for Orne and a member of the Union of Democrats and Independents, stressed that money laundering is a global issue that impacts the stability of countries. She noted that while not all money laundering is linked to terrorism financing, terrorist activities often involve money laundering.
Saudi Arabia’s Anti-Corruption Efforts
Goulet commended Crown Prince Mohammed bin Salman for launching the ‘No Money for Terror’ campaign as a significant step in combating corruption and money laundering. She highlighted Saudi Arabia’s recent efforts to fulfill international obligations in the fight against financial crimes, including hosting meetings with organizations like the Financial Action Task Force and the Egmont Group.
Practical Measures to Combat Money Laundering
Goulet emphasized the importance of imposing sanctions on traffickers to deter illegal activities. She also discussed the need for countries and organizations to adhere to international criteria in combating money laundering and corruption, citing examples of effective legislation in France.
Saudi Arabia’s Membership in the FATF
Saudi Arabia became the first Arab nation to gain full membership of the Financial Action Task Force (FATF) in 2019, demonstrating its commitment to combating money laundering and supporting economic development. Goulet explained the implications of being on the FATF’s grey list and how it affects the business climate of countries.