First Deputy Speaker: New Law to Combat Money Laundering - Sarmad
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 emphasized in an interview with Al-Qabas newspaper 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 confirming that deterrent legal measures are being taken against anyone suspected of illicit enrichment, he stressed that there is no such thing as “small” or “large” money laundering; the crime is one and the same, no one is above the law, and everyone involved in this criminal activity will be held accountable.
He stated that current efforts are focused on tracking commercial cover-ups and shell companies, which some authorized signatories exploit, leveraging their roles to conceal the true source of funds. These companies and operations are being monitored.
He explained that the government is currently finalizing a money laundering law, which will be announced once the competent authorities complete it. 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 added 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, emphasizing that the file remains open and no violator of the laws will escape punishment.
He pointed out that the relevant departments within the Ministry of Interior continue to monitor, remain vigilant, and stay prepared to apprehend anyone suspected of involvement in money laundering crimes through any fictitious commercial activities.
He said that monitoring continues according to a comprehensive security plan and meticulous operations, noting that all legal measures are being taken against anyone suspected of involvement in money laundering or illicit enrichment crimes.
