VOL. XLVI

No 34

25-August-2003

SAUDI ARABIA

REGIONAL BANKING

Saudi Cabinet Approves Anti-Money Laundering Law

Saudi Arabias Council of Ministers on 18 August approved the kingdoms first ever anti-money laundering law following the endorsement of the Shura Council in June. The move reflects continued US pressure since the 11 September 2001 attacks to clamp down on local funding for Islamic militants. The law, which comes into effect 60 days after its publication in the official gazette, makes...