Saudi to reward persons who report money laundering
Saudi Arabia has approved a law rewarding persons who report laundering and terror funding as part of an ongoing war against dirty money crimes.
The world’s dominant oil exporter, which has been hit by laundering crimes along with other Gulf oil producers, set the reward at five per cent of the reported laundered funds provided the sum must not exceed SR one million (Dh990,000).
“The law giving rewards to persons who report laundering crimes and terror funding has been approved by the ministry of interior,” Makkah newspaper said.
It said the reporter would be rewarded only when the information given is correct and leads to the arrest of those involved.
It added that reporters of such crimes must not be “party or an intermediate” in such suspected operations, adding that rewards would also not be given to those who work in financial establishments and non-profitable organizations.
“The law stipulates that in case the reward is too small considering the laundered funds are not big, the interior minister or another authorized person can approve an additional sum for the reporter provided it does not exceed SR10,000,” it said.
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