Abdulrahman A Al-Hamidy: Compliance and anti-money laundering Speech by His Excellency Dr Abdulrahman A Al-Hamidy, Vice Governor of the Saudi Arabian Monetary Agency (SAMA) ,to the Fifth Annual Gathering on “Compliance and anti-money laundering”, Saudi Arabian Monetary Agency, Institute of Banking, Riyadh, 26–27 March 2013. *  *  *  Dear Audience, It gives me pleasure to welcome you all, and I would like to thank those who have participated in the preparation for this gathering. I also would like to extend my thanks to the colleagues at the Institute of Banking and the speakers to this gathering. Dear Audience, The continued holding of this gathering for the fifth year confirms the firm conviction held by all of us of the risks that the crime of money laundering poses to the global economy. It also reflects the Kingdom’s commitment to combat money laundering, and its support of the measures taken against it, and the implementation of the best international practices in this field. The discussion of this gathering derives its importance from the increasing trend towards globalization, easing restrictions on international cross-border movement of commodities and services and the revolution of communication and information technology. Dear Audience, Money laundering operations have witnessed a quantum leap at the global level over the last years. This was reflected in the various and diversified methods used in their implementation, expanding the volume this type of crime. Developed and developing countries suffer from this crime.

I would like to present a briefing on accomplishments achieved during the last year, the most important of which were: The Kingdom achieved tangible progress in its AML procedures, in the framework of the follow-up process that followed the Mutual Assessment Process. The Kingdom submitted the First Follow-up Report to the MENAFATF in February 2012. The report includes the new and updated legislations issued and the actions taken to cope with the implementation of all international standards and practices issued recently. BIS central bankers’ speeches  1  The Kingdom amended the Anti-Money Laundering Law issued by Royal Decree No. (M/31) dated 11/5/1433H to cover many domestic and international requirements and developments. Its Implementing Regulation was updated as well. Here, I would like to highlight that the national AML legislation was finalized in line with international developments and standards. The Kingdom hosted a number of conferences, symposiums and training courses on combating money laundering. The most important of which was the Fifteenth MENA-FATF General Meeting held in April 2012 in Jeddah. In September 2012, the Investigation and Public Prosecution Authority, in cooperation with MENA-FATF, also hosted a symposium on “the Role and Responsibility of Public Prosecution Agencies and Judicial Organs in Combating Money Laundering and Terrorism Financing”. In September 2012, SAMA, in collaboration with the Secretariat General of the Cooperation Council for the Arab States of the Gulf, organized a workshop on Updating FATF Recommendations to Combat Money Laundering, Terrorism Financing and Weapons Proliferation.