Commerce Ministry: Strengthening Cooperation with Regulatory and Financial Bodies to Support Anti-Money Laundering Efforts and Information Exchange
Deputy Minister of Commerce Marwa Al-Juaidan emphasized the necessity of enhancing cooperation with regulatory and financial bodies to combat money laundering and terrorist financing.
Translated by Qiyas from الأنباء — Original source
The Ministry of Commerce and Industry emphasized yesterday the importance of enhancing cooperation and coordination among regulatory and financial authorities, and developing mechanisms for exchanging information and verifying beneficial ownership data, thereby supporting efforts to combat money laundering, terrorist financing, and the financing of weapons proliferation, while safeguarding the integrity of the country’s economic and financial environment.
In a statement to KUNA, Acting Undersecretary Marwa Al-Juaidan said that combating money laundering is a shared responsibility that requires integrated roles among relevant entities, along with the exchange of pertinent information and data, to enhance the capacity to monitor and address risks in accordance with the laws and legal jurisdictions of each entity.
Al-Juaidan added that having accurate and up-to-date information on beneficial owners is a fundamental element in promoting transparency and identifying the individuals behind the ownership and control of companies, thereby helping to curb the misuse of legal entities for illicit activities.
