The Law Students Club hosted at Sheikh Mohammed bin Ibrahim Alkhudair Auditorium lawyer Saleh Abdulrahman Alatram to address the students about the methods and procedures of detecting and foiling money laundering and terrorism financing operations.
Mr. Alatram started his presentation by giving definitions and examples of money laundering and terrorism financing and their different stages and levels. He relied in his presentation on the latest theories and views that identify those two criminal acts and highlighted the serious threat they pause on the security of any nation and society in the world as two of the most dangerous and complex crimes that the world is facing nowadays.
Speaking about their intricate nature, Alatram went on to detail the complexities and dangers that those two crimes have, especially money laundering which is considered a byproduct and cover of an original and precedent crime. He said that despite this fact, money laundering is perceived as an independent crime which necessitates the pursuit and persecution of the perpetrator.
Analyzing the elements of money laundering crime, Alatram said that the essence of money laundering lies in the attempts to legalize suspiciously gained money, which is regarded by the relevant international agreements as a criminal act punishable by the law. He said that Saudi Arabia, as an active and responsible member of the international community, takes this crime very seriously and has developed the necessary laws and measures to combat it on all levels. In his analysis, Alatram said that, in money laundering, it is not necessary for the legislator to see a specific criminal result because this crime is generally regarded as a crime of mere action, which means it is enough to commit the act in order to be liable for persecution.
The speaker concluded by addressing the civil and criminal responsibility of banks, financial organizations and their staff when it comes to money laundering, and giving numerous examples of suspicious actions and transactions and how to discover them and report them to the security authorities.