Saudi Arabia makes war on money laundering, terror funding a top priority

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Updated 09 April 2019
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Saudi Arabia makes war on money laundering, terror funding a top priority

  • Workshop on anti-money laundering jointly organized by KSA and IMF

RIYADH: Saudi Arabia attaches great importance to combating financial crime, Adel Al-Qulish, vice chairman of the Anti-Money Laundering Permanent Committee told a workshop organized in cooperation with the International Monetary Fund (IMF) in Riyadh on Sunday.

Money laundering, terrorism funding and arms proliferation were a particular priority, he said.

The Kingdom was building its capacity to develop legislative, institutional and professional measures to fight money laundering, arms proliferation and terrorism funding in accordance with international standards and requirements issued by the Financial Action Task Force (FATF) and best international practices.

Al-Qulish thanked the IMF for its cooperation in organizing the event, and participants from relevant authorities in the Kingdom and members of the committee.

He said that the Kingdom had ensured all authorities were aware of the importance of their role by committing to related systems, standards and instructions, applying policies and procedures and working on promoting a risk-based approach aimed at understanding threats and weaknesses to become more effective in discovering, preventing and monitoring operations and reporting suspicious activities.

Royal approval on adopting the national strategic objectives is a clear message that the Saudi government is developing the policies and working methods of relevant authorities, improving international procedures and creating integrated mechanisms that support and promote coherence among authorities.

Al-Qulish said that the Kingdom had recently witnessed a mutual assessment process — conducted by FATF and the Middle East and North Africa Financial Action Task Force on Combating Money Laundering and the Financing of Terrorism (MENAFATF) experts — of the systems, procedures and efforts deployed in combating money laundering, terrorism funding and arms proliferation.

The Kingdom’s initiative to support and develop a technical assistance fund for the programs combating money laundering and terrorism funding under the umbrella of the IMF was based on its belief in the important role of the IMF. The initiative was an extension of local, regional and international efforts exerted by the Kingdom. It also highlighted the Kingdom’s support of the efforts of the international community in this area.


Saudi crown prince extends condolences to Kuwaiti counterpart on death of Sheikh Mohammed Abdulaziz Al-Jarrah Al-Sabah

Updated 54 min 26 sec ago
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Saudi crown prince extends condolences to Kuwaiti counterpart on death of Sheikh Mohammed Abdulaziz Al-Jarrah Al-Sabah

RIYADH: Saudi Crown Prince Mohammed bin Salman sent a cable of condolences to Kuwaiti Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah on the passing of Sheikh Mohammed Abdulaziz Hamoud Al-Jarrah Al-Sabah.
In the cable, the crown prince extended his deepest sympathy to Sheikh Sabah and the family of the deceased.


Saudi tech diplomat meets Iraqi PM to discuss digital cooperation

Updated 25 November 2024
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Saudi tech diplomat meets Iraqi PM to discuss digital cooperation

  • Deemah Al-Yahya, head of the multilateral Digital Cooperation Organization, commended Iraq’s investment in human capital as driver for growth and expansion of digital economy
  • Iraq has been working in recent years to develop a strategy for digital transformation to help support the private and public sectors and grow the economy

RIYADH: Saudi senior tech diplomat Deemah AlYahya, the secretary-general of the multilateral Digital Cooperation Organization, held talks on Monday with Iraq’s prime minister, Mohammed Shia Al-Sudani, about support for Baghdad’s plans to develop its digital business and artificial intelligence sectors.

They discussed Iraq’s strategy for digital transformation, and the need to create and develop a workforce with the tech skills required to help grow the Iraqi economy effectively, the Saudi Press Agency reported.

Though Iraq is not a member of the DCO, an international body that focuses on the digital economy, Al-Sudani said his country is keen to work with the organization to meet the nation’s needs for a skilled workforce in the business sector.

AlYahya commended Iraq for the progress it has already made in terms of investment in the human capital needed to develop the digital skills that are essential to drive growth in a digitized economy.

Iraq has been working in recent years to develop a strategy for digital transformation to help support the private and public sectors and grow the economy. Authorities this month organized the first Digital Space Iraq Forum, which focused on the use of advanced technologies, including AI, to help build a comprehensive digital economy.

The DCO says that since it was founded in November 2020, it has been at the forefront of efforts to curate policies and initiatives to support the digital economy in several countries. Currently, 16 nations are members, including Saudi Arabia, Jordan, Pakistan, Bahrain, Bangladesh and Oman. It also has 39 observer partner organizations.

DCO member states have a collective gross domestic product of $3.5 trillion and serve a combined market of nearly 800 million people, more than 70 percent of whom are under the age of 35.


Saudi FM pushes for regional stability at G7-Arab foreign ministers meeting

Updated 25 November 2024
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Saudi FM pushes for regional stability at G7-Arab foreign ministers meeting

  • In his address, Prince Faisal highlighted the ongoing crises in Gaza and Lebanon

RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan took part in an expanded session of the second meeting between G7 foreign ministers and their counterparts from Arab nations on Monday, the Saudi Press Agency reported.

The meeting was hosted in Italy under the theme “Together for the Stability of the Middle East.”

The session, which addressed pressing regional and international challenges, was held with the participation of Saudi, Jordanian, Emirati, Qatari and Egyptian officials, as well as the secretary-general of the Arab League.

In his address, Prince Faisal emphasized the importance of strengthening partnerships to address these challenges effectively.

He highlighted the ongoing crises in Gaza and Lebanon, urging the international community to act immediately to secure a ceasefire, facilitate unrestricted humanitarian aid, and progress toward establishing an independent Palestinian state.

He also called for respect for Lebanon’s sovereignty, and renewed international efforts to resolve the crisis in Sudan and alleviate the resulting human suffering.

The meeting was also attended by Prince Faisal bin Sattam bin Abdul Aziz, Saudi ambassador to Italy, the SPA reported.


Scientists awarded for sustainable water innovation at Saudi conference

Updated 25 November 2024
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Scientists awarded for sustainable water innovation at Saudi conference

  • Research aims to improve desalination efficiency
  • Makkah’s deputy emir in attendance

JEDDAH: Scientists were awarded prizes for their work in researching desalination and wastewater treatment technologies during an event in Jeddah on Monday.

The third edition of the Innovation-Driven Water Sustainability Conference was attended by 480 experts, scientists, researchers, specialists and 40 leading organizations in the water sector, from 20 countries.

The grand prize — the Global Prize for Innovation in Desalination 2024 — went to Lee Nuang Sim from Singapore’s Nanyang Technological University for his project “uncovering the power of centrifugal reverse osmosis,” and Sue Mecham, CEO of NALA Membranes, for her project “chlorine stable new membranes for sustainable desalination and wastewater treatment/reuse.”

Visitors attend the third Innovation-Driven Water Sustainability Conference in Jeddah on Nov. 25, 2024. (Supplied)

Mecham, from North Carolina, US, spoke to Arab News after receiving her award, saying: “We are honored to be selected for the Global Prize for Innovation in Desalination 2024. Our mission is to bring new membranes to market and reduce the cost and complexity of water purification.”

Meanwhile, Saudi Ghadeer Al-Balawi from the University of Tabuk was another one of this year’s prizewinners with her project “novel heterogeneous catalysts for improving wastewater treatment plants in Saudi Arabia.”

Al-Balawi told Arab News: “I am incredibly honored to be one of the recipients of the Global Prize for Innovation in Desalination 2024. This recognition means so much to me. This project has been conducted at the University of Sheffield with hard work and dedication with the assistance of my supervisor, Dr. Marco Conte.”

The event’s opening ceremony was attended by Makkah Deputy Emir Prince Saud bin Mishal and Minister of Environment, Water and Agriculture Abdulrahman Abdulmohsen Al-Fadley, as well as other senior officials.

Following the opening, Abdullah Al-Abdulkarim, chairman of the Saudi Water Authority, said that the event reflects the Kingdom’s commitment to promoting scientific and research innovation as a pillar for achieving water sustainability and security.

Through the conference, the SWA aims to share the impact of innovation in promoting the sustainable supply of water, according to SWA spokesperson Sultan Al-Rajhi.

“This conference discusses the latest global practices and innovative solutions in the water industry, with the participation of experts, scientists and specialists, who emphasize the pivotal role of innovation in accelerating the future prosperity of water and achieving the Sustainable Development Goals for water and the environment,” he said.

The two-day conference will continue to feature discussions on more than 180 research papers, as well as a water hackathon organized by the Saudi Water Innovation Center.

 


PSC members visit Gulf Cooperation Council in Riyadh

Updated 25 November 2024
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PSC members visit Gulf Cooperation Council in Riyadh

  • The EU and the GCC held a political dialogue session, co-chaired by Pronk and Jasem Albudaiwi, secretary-general of the GCC

RIYADH: Members of the EU’s Political and Security Committee, including its chair, Ambassador Delphine Pronk, and ambassadors of EU member states, paid an official visit to the Gulf Cooperation Council headquarters in Riyadh on Monday.

The delegation was accompanied by the European External Action Service Managing Director for the Middle East and North Africa Helene Le Gal, and EU Special Representative for the Gulf Luigi Di Maio.

The EU and the GCC held a political dialogue session, co-chaired by Pronk and Jasem Albudaiwi, secretary-general of the GCC.

The two parties discussed matters of mutual interest and the need to increase joint efforts to tackle global challenges.

This included the situations in Israel, Gaza and Lebanon, Gulf security and Iran, maritime security in the Red Sea region, Iraq, Sudan and the Horn of Africa, as well as Russian aggression against Ukraine.

The committee delegates and the GCC also agreed on strengthening the EU-GCC regional security cooperation.

The political dialogue constitutes an important step forward following the successful first EU-GCC Summit in Brussels on Oct. 16.