London, October 5, 2023, The Saudi Public Prosecution made a significant contribution to the 28th meeting of the International Association of Public Prosecutors (IAP), which took place in London. In a comprehensive working paper, Saudi Arabia's strategies and actions to combat financial fraud were showcased, including measures to recover illicit proceeds, safeguard banking operations against potential threats, and bolster confidence in financial institutions through cutting-edge global cybersecurity technologies.
Furthermore, the document highlighted the Kingdom's commitment to leveraging institutional efforts from regulatory and technical entities, with a focus on enhancing financial analysis processes, proactively detecting fraud, and implementing policies to fortify the nation's financial system. The establishment of specialized financial fraud investigation units, the appointment of dedicated prosecutors, and ongoing developmental projects were also emphasized to ensure the highest level of efficiency in handling cross-border financial fraud cases.
In addition to these initiatives, the Public Prosecution has issued various procedural manuals aimed at standardizing anti-crime procedures and enforcing the cybercrime control by-law pertaining to e-financial fraud offenses.
The Public Prosecution also expressed its appreciation for Saudi Arabia's legislative efforts, particularly the principle of reciprocity within the by-law for combating money laundering and recovering the proceeds of crime. These legislative endeavors are seen as instrumental in shaping international customary norms, fostering collaboration between Saudi Arabia and other nations in the fight against financial fraud, money laundering, and cross-border crimes. These initiatives underscore the Kingdom's steadfast commitment to bolstering security, preserving financial stability, and upholding the integrity of the global financial system.
