Ministry of Commerce: Cooperation among regulatory bodies to enhance anti-money laundering efforts

The Ministry of Commerce and Industry emphasized yesterday the importance of strengthening cooperation and coordination among regulatory and financial authorities, and of developing mechanisms for exchanging information and verifying beneficial ownership data, in support of efforts to combat money laundering, the financing of terrorism, and the financing of weapons proliferation, while safeguarding the integrity of the country’s economic and financial environment. Acting Undersecretary Marwa Al-Juaidan stated that cooperation among regulatory bodies contributes to unifying efforts, developing regulatory and supervisory procedures, and sharing expertise and information, thereby enhancing the efficiency of the system for combating money laundering, the financing of terrorism, and the financing of weapons proliferation, and raising the level of compliance with regulatory and legislative requirements.