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Saudi Arabia Introduces Tougher Laws Against Identity Theft and Financial Crime

As part of its efforts to combat financial crime and promote transparency and accountability in the financial sector, Saudi Arabian Ministers have approved a new law aimed at cracking down on identity theft and other forms of financial deceit.

Key Provisions of the New Law

The legislation defines fraud as “any act involving deceit to obtain a direct or indirect financial benefit by the perpetrator or by others with his help, causing a loss to the deceived party.” The provisions of the law include:

• Harsher Penalties for Convicted Fraudsters: Up to 7 years in prison and fines of up to 5 million Saudi Riyals (approximately USD 1.3 million)
• Repeat Offenders and Organized Financial Criminals: Jail terms of up to 14 years and fines of up to 10 million Saudi Riyals (approximately USD 2.6 million)
• Exemptions for Individuals Who Report Crimes: Exemptions from penalties for individuals who come forward and report crimes before any loss is incurred or where reporting leads to the arrest of all other parties involved

Enhancing Transparency and Accountability in the Financial Sector

The new law is seen as a key component of Vision 2030, the Kingdom’s ambitious plan for economic diversification and growth. By enhancing transparency and accountability in the financial sector, Saudi Arabia aims to create an attractive environment for local and foreign investment and drive economic development.

A Dedicated Agency to Combat Financial Crime

As part of its efforts to combat financial crime, the Saudi Arabian government has also established a dedicated agency tasked with monitoring and preventing financial transactions that may be linked to terrorism or other forms of organized crime. The agency, which is responsible for coordinating with international partners to share intelligence and best practices in financial crime prevention, is seen as a crucial tool in the fight against identity theft and other forms of financial deceit.

A Significant Milestone in Saudi Arabia’s Efforts

The approval of the new law marks a significant milestone in Saudi Arabia’s efforts to combat financial crime and promote transparency and accountability in the financial sector. As the Kingdom continues on its path towards economic diversification and growth, the government remains committed to protecting the integrity of its financial system and ensuring that individuals and businesses operate in a fair and transparent environment.