A. Pharaon & Partners Law Firm.

The Board of the Capital Market Authority (CMA) of Saudi Arabia has issued new rules for combating money laundering and funding of terrorism. The rules have a goal of ensuring full compliance by the licensed and registered bodies by the procedures and principles of fighting against money laundering and funding of terrorism. They also aim at enhancing the Saudi financial market’s integrity and credibility and to protect the licensed bodies and their clients from illegal operations that involve money laundering, funding of terrorist activities, or any other illegal activity.