Saudi Arabia is emerging as a major force in fighting financial crime. Moreover, French Senator Nathalie Goulet praised the Kingdom’s strong commitment to combating money laundering and improving financial transparency. She highlighted that Saudi Arabia has the resources, ambition, and leadership necessary to play a key role internationally.
Furthermore, the senator emphasized Saudi Arabia’s early involvement in the “No Money for Terror” initiative. She added that the Kingdom’s political will drives reforms and encourages rapid progress. In addition, Crown Prince Mohammed bin Salman tackled corruption directly, setting a clear vision for transparency and governance. Goulet also pointed out that these actions align with Saudi Arabia’s broader economic reforms and Vision 2030.
Consequently, Saudi Arabia has made regulatory improvements aimed at attracting foreign investment and enhancing the business environment. Goulet stressed that the Kingdom now combines legal clarity with strong enforcement mechanisms. Therefore, she believes these steps help the country become a regional hub for financial compliance and oversight.
Meanwhile, the upcoming conference “Sanctions, AML and CFT for Banking and Finance in Saudi Arabia” will gather bankers, regulators, and compliance experts. Goulet explained that this event will provide opportunities to exchange best practices and strengthen international cooperation. She further emphasized that professional collaboration often drives real change faster than new laws.
Additionally, Goulet highlighted tangible progress across the region. She praised neighboring countries, such as the UAE, for recent achievements and noted Saudi Arabia’s active participation in initiatives through Nazaha, the anti-corruption authority. She stressed that regional cooperation, including extraditions and judicial collaboration, is increasing.
However, despite this progress, Goulet warned that financial crime remains a global challenge. Money laundering generates billions annually, yet only a small portion is recovered. Moreover, criminal networks increasingly use complex methods, such as smuggling gold disguised as coffee or manipulating shipments. Goulet also highlighted risks posed by unregulated crypto-assets, counterfeiting, and illicit trade in goods and medicine.
To address these threats, Goulet called for stronger international cooperation, targeted training, and adoption of advanced technologies. She underlined the important role of artificial intelligence in detecting suspicious transactions. Additionally, she suggested research fellowships on crypto-assets to improve understanding of emerging financial threats.
Overall, Saudi Arabia is now taking a leading role in global financial governance. Goulet said the Kingdom demonstrates compliance, cooperation, and leadership in international forums. She concluded that Saudi Arabia’s efforts set an example for the region and strengthen the global fight against financial crime.
In summary, Saudi Arabia’s fight against financial crime continues with strong reforms, regional cooperation, and professional engagement. Consequently, these efforts create a safer financial system and support economic growth.
