Anti money laundering and terrorist financing guideline
Published on 16-Oct-2024
The Union of Arab Securities Authorities (UASA) issued a guideline on the best practices in the field of combating money laundering and terrorist financing in the Arab financial markets. The work group, tasked by the union’s board in their 7th annual meeting which was held in Riyadh in 2023, have cooperated with the general secretariat of the union to prepare a guideline on the best practices in the field of combating money laundering and terrorist financing. The work group prepared this guideline based on the efforts made by several Arab and regional institutions in this field, including international authorities and organizations specialized in combating money laundering and terrorist financing, In addition to the legislation in force among the members of the Union. The guide includes a set of chapters that focus on the general features of the foundations that can be relied upon to confront the risks of money laundering and terrorist financing, the rules related to negative lists and the sanctions laws used, in addition to the rules associated with indicative indicators that can be relied upon to identify suspicious transactions. It is noteworthy that UASA’s strategic plan 2021-2025 has confirmed that the issuance of such a guideline will be advisory in nature that will help UASA’s members, when adopted, identify Money Laundry risks and enhance harmony in Arab Legislation which contribute to boosting the flow of investment among the union members, hoping that the adoption of this guideline will contribute in achieving the desired goals.The guideline can be viewed in Arabic through the following link: