Here is the rewritten article in markdown format:

Financial Crime Trends and Predictions in Saudi Arabia

=====================================================

The Kingdom of Saudi Arabia has taken a significant step towards combating financial crime with the approval of a new law, set to come into force in September this year. The move aims to enhance the country’s efforts in preventing and investigating financial crimes, which have been on the rise in recent years.

Cabinet Decision and New Law

According to the Saudi Arabian Central Bank (SAMA), the new law 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 Cabinet Decision No. 534/1442 builds on this definition with significant provisions aimed at curbing financial crime.

Tough Penalties for Convicted Fraudsters

The new law imposes severe penalties on those convicted of fraud, including:

Up to seven years in prison and fines of up to SAR5 million (approximately US$1.3 million)
Inciting fraud: the same maximum penalties where the fraud occurs and loss is suffered, or up to half the same maximum penalties if the fraud does not occur
Attempting to commit fraud: up to half the maximum penalties

Reoffenders and Organized Financial Criminals Face Harsher Punishments

Those who have previously committed financial crimes or are part of organized groups face even tougher penalties, including:

Up to double the maximum penalties for reoffenders
Jail terms of up to 14 years and fines of up to SAR10 million (approximately US$2.6 million)

Courts to Have Discretion in Granting Exemptions

While the law is designed to be strict, courts may grant exemptions from these penalties where individuals come forward and report the crime before any loss occurs or if their reporting leads to the arrest of all other parties involved.

A Step Towards Transparency and Accountability

The new law is part of Saudi Arabia’s efforts towards creating a more transparent and accountable society, as outlined in Vision 2030. The move aims to attract local and foreign investment by creating an attractive environment for business.