Saudi Shoura Council Approves Draft Amended Anti-Money Laundering Law
Client Alert | 1 min read | 03.01.12
In response to recommendations made in a 2010 Middle East and North Africa Financial Action Task Force Report on Saudi Arabia's anti-money laundering (AML) and counter-terrorist financing (CFT) regime (the Report), Saudi Arabia's Shoura Council approved on 27 February 2012 a draft amended anti-money laundering law (the Draft Law).
Saudi Arabia's existing AML / CFT regime was established in 2003 with the issuance of the Anti Money Laundering Act (AMLA) and supplemented by implementing regulations issued in 2007. The Report identified a number of areas for improvement in Saudi Arabia's existing AML / CFT regime, including:
- The AMLA does not clearly cover self-laundering and does not clearly extend to predicate offences committed abroad.
- There is no stand-alone statutory terrorist financing (TF) offence with features and elements as required by the United Nations' Terrorist Financing Convention (the UN TF Convention).
- TF as a money laundering offence does not extend to all legal entities or to all funds as required by the UN TF Convention.
- TF as a money laundering offence does not cover acts by terrorist organizations of fewer than three persons, nor does it cover attempted TF.
- While the AMLA contains specific provisions for confiscation in AML / CFT proceedings, protection of bona fide third parties is insufficient.
The Draft Law, which has not been released to the public, will reportedly seek to address some of the more urgent concerns raised by the Report.
Insights
Client Alert | 4 min read | 04.09.26
DOJ Establishes National Fraud Enforcement Division
On April 7, 2026, Acting Attorney General Todd Blanche issued a memorandum establishing the National Fraud Enforcement Division (NFED) within the U.S. Department of Justice (DOJ). This new division will be dedicated to the centralized, coordinated investigation and prosecution of fraud against taxpayer dollars and taxpayer-funded programs. AAG Blanche acknowledged that, while DOJ has a “storied history of combatting fraud,” DOJ has “never adopted a comprehensive and coordinated approach to investigating and prosecuting fraud against taxpayer dollars and tax-payer funded programs.” The NFED was created to close that gap with its core mission being to “zealously investigate and prosecute those who steal or fraudulently misuse taxpayer dollars.”
Client Alert | 2 min read | 04.09.26
OMB Issues New Policy on Federal IT Transparency and Acquisition Oversight
Client Alert | 3 min read | 04.09.26
Preserve It or Lose It: A Missing Jury Instruction Costs Columbia University $94M in Damages
Client Alert | 5 min read | 04.09.26
U.S. State Privacy Enforcement: Key Priorities and Practical Guidance From State Regulators
