The Ministry of Commerce and Investment, in cooperation with the National Real Estate Committee of the Council of Saudi Chambers, hosted a workshop to brief and educate real estate investors and real estate brokers on the anti-money laundering system, the efforts being made to combat this crime, and the requirements for the next phase. The event was attended by Hamad Al-Shuwaier, Chairman of the National Real Estate Committee, and a number of committee members from various regions of the Kingdom.
Engineer Mohammed bin Abdullah Al-Daghim, Advisor to the Deputy Minister of Commerce and Investment for Consumer Protection and Director of the Anti-Money Laundering Department, a presentation on the anti-money laundering system, including a comprehensive definition of money laundering operations and the acts that constitute money laundering offenses, as well as the precautionary measures that financial and non-financial institutions must take to curb money laundering.
The workshop addressed how money laundering is carried out, as well as indicators of unusual or suspicious transactions, most notably the purchase or sale of real estate at a value that is completely out of line with its actual value, and the repeated purchase of real estate at prices that do not align with the buyer’s usual financial capacity.
