SOCPA Showcases Saudi Arabia's Experience in AML/CFT to Omani Delegation

On Wednesday, September 20, 2023, a delegation from the Omani Ministry of Commerce, Industry, and Investment Promotion visited the Ministry of Commerce in Saudi Arabia. During this visit, the Saudi Organization for Chartered and Professional Accountants (SOCPA) showcased Saudi Arabia's experience in anti-money laundering and combating the financing of terrorism (AML/CFT) in the accounting sector.
Representing SOCPA was the Executive Director of Operations, Mr. Mohammed Al-Ghiehab, who provided a comprehensive overview of SOCPA's efforts to regulate accounting firms and ensure their compliance with the preventive measures outlined in the AML/CFT regulations.
He highlighted SOCPA's initiatives to raise awareness among accounting firms and promote the correct application of regulatory requirements through guidance, training courses, and workshops. Additionally, he emphasized the importance of regulatory visits and inspections of accounting firms to ensure the existence of documented policies and procedures for handling suspected cases of money laundering and terrorism financing.
Mr. Mohammed Al-Ghiehab stressed the importance of SOCPA's collaboration with international entities in this regard, sharing successful practices and experiences in combating financial and terrorist crimes. He noted SOCPA's role in strengthening the accounting system in Saudi Arabia and enhancing its reputation as a global financial hub known for integrity and transparency.
At the end of the meeting, both sides expressed their commitment to furthering cooperation and knowledge exchange in this critical area. They emphasized the importance of working together to reduce money laundering activities, combat terrorism financing, and bolster financial and economic stability in the region.