Saudi vice-governor warns of 'quantum leap' in money laundering

Saudi Arabia

The vice-governor of the Saudi Arabian Monetary Agency, Abdulrahman Al-Hamidy, has urged domestic, regional and international co-operation to guard against the "quantum leap" in money-laundering operations in recent years.

Speaking at a conference last week, Al-Hamidy said money-laundering crimes are more common in countries with weak security and supervisory systems, which can result in capital flight as investors "lose confidence in the economic system and the legislation governing it"

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