First Deputy Sheikh Fahad Al-Yousef to Al-Qabas: New law to combat money laundering
As part of the government’s ongoing efforts to close several important files, the Ministry of Interior, under the direct supervision of First Deputy Minister of Interior Sheikh Fahad Al-Yousef, is cracking down on numerous international criminal syndicates involved in money laundering and online fraud through shell companies. In this regard, Sheikh Fahad Al-Yousef stressed in a statement to Al-Qabas that the file on money laundering and the unexplained inflation of certain bank accounts, which lacks logic and justification in reality, remains open and will never be closed. He noted that work continues to pursue those implicated in this crime, which tarnishes the country’s image and harms the national economy.
While affirming that deterrent legal measures are being taken against anyone suspected of illicit enrichment, he emphasized that there is no such thing as “small” or “large” money laundering; the crime is singular, no one is above the law, and every individual involved in this criminal activity will be held accountable. He said that current efforts are focused on pursuing commercial concealment operations and shell companies, which some authorized signatories exploit, using the nature of their work to hide the true source of funds. These companies and operations are being monitored.
He indicated that the government is currently finalizing a money laundering law, which will be announced once the competent authorities complete it. He added that the law will include new deterrent amendments and provisions regarding money laundering to contain the crime and close any legal loopholes, ensuring that those involved do not escape punishment. He continued by stating that money laundering cases are being monitored and pursued both domestically and internationally. The Ministry of Interior works daily to monitor any such operations in coordination with relevant authorities, as well as coordinating with authorities in other countries to pursue those involved in money laundering crimes.
Sheikh Fahad Al-Yousef noted that anyone suspected of having accounts that have inflated “rapidly and unrealistically” will be summoned. He reaffirmed that the file has not been closed and that no violator of the laws will escape punishment. He pointed out that the relevant agencies within the Ministry of Interior continue to monitor, remain vigilant, and stay prepared to apprehend anyone suspected of involvement in money laundering through any form of commercial activity. He said that monitoring continues according to an integrated security plan and rigorous operations, adding that all legal measures are being taken against anyone suspected of involvement in money laundering or illicit enrichment crimes.
