Central Bank unveils plan to tackle money laundering

The Governor of the Central Bank, Ali Al-Allaq, revealed on Sunday the intention of the bank to prepare a solid base to address money laundering, stressing the need for concerted domestic and international efforts in this regard.

He pointed out that the trend to prepare a sound base to address money laundering is very important and contributes to building a sound financial sector, pointing out that it is a subject of local and international attention and we are working on building sound rules by adopting international standards that regulate financial work and immunity to the banking sector and prevent money laundering.

He stressed the need to adopt sound rules using the latest technology and coordination among all concerned parties to control these diseases and prevent their spread through a road map to be put in place to coordinate the work between all parties, and there are legal regulations to draw the correct courses of action,And expanding the circle of knowledge on this side.

Al-Alaq stressed that the Central Bank has made a great move on this aspect and provided basic and advanced work rules in this important chapter and a development has taken place in this regard during the last period and formed banks specialized units in this regard to undermine the opportunities of these crimes.

The process of money laundering means collecting funds from illegal black sources and introducing them into the economic cycle and removing them as clean money free from economic suspicions.