SAUDI ARABIA: BSF UPS THE ANTI AGAINST MONEY LAUNDERING.(Al Bank Al Saudi Al Fransi)(Brief Article)

IPR Strategic Business Information Database, July, 2001

According to Jeddah Arab News (July 12, 2001) the Al-Bank Al-Saudi Al-Fransi (BSF) recently expanded its campaign against money laundering. Money laundering has become an increasingly pervasive problem with approximately $1.4 million illicit funds circulating through international banking networks.

A recent seminar organized by BSF and Citibank dealt with the issue of fighting such practices. As a result, the bank is working to raise the levels of awareness amongst its employees to help detect fraud. Furthermore, the Saudi Monetary Agency (SAMA) has also taken steps to prevent money laundering in the nation's banks.