70 Anti-Money Laundering Specialists Participate in a Training Program on "Virtual Assets"

The Anti-Money Laundering Permanent Committee (AMLPC) is organizing a virtual training program on "Virtual Assets - Investigation and Tracking Tools", with the participation of 70 specialists representing the members of AMLPC, during the period from 27/5/1442 AH to 1/6/1442 AH corresponding to 11/1/ 2021 to14/1/2021.

The training program aims to build capacity and raise the competencies of the related authorities in the Kingdom and to inform them of the latest developments in the international standards issued by the Financial Action Task Force (FATF) related to Virtual Assets (VA) and Virtual Asset Service Providers (VASPs) and analyze the risks related to them. The program focuses on training supervisory authorities, law enforcement agencies and other relevant authorities to enhance the level of knowledge about VA & VASPs, in addition to preparing the concerned authorities in the Kingdom to become familiar with the mechanisms for identifying, tracking and confiscating VAs as part of the investigations, and the foundations for planning investigations involving VAs, where to  obtain information from, and how to cooperate internationally in studying cases.

On this occasion, the Vice-Chairman of AMLPC, Mr. Adel Hamad Al-Qulish, praised, during the opening session of the training program, the efforts of the members of the AMLPC in conducting an assessment of the risks of the virtual assets sector and its service providers in the Kingdom, and their role in understanding the risks to which the Kingdom is exposed. In this regard, he stressed the importance of training regulatory authorities, law enforcement agencies and others, and raising the level of capabilities in this field.

It is noteworthy that the training program is attended by representatives of the members of AMLPC, and specialists in this field from: the Ministry of Interior (General Directorate of Public Security, General Directorate for Drug Control), Ministry of Foreign Affairs, Ministry of Justice, Ministry of Finance, Ministry of Trade, Ministry of  Human Resources and Social Development, the Presidency of State Security (the General Directorate of Financial Intelligence and the General Directorate of Intelligence), the General Intelligence Presidency, the Public Prosecution, the Supervision and Anti-Corruption and Oversight Authority, the General Customs Authority, the Financial Market Authority, the General Endowment Authority, and the Saudi Central Bank "SAMA".