ICAEW and Saudi Organisation for Chartered Accountants address AML in Saudi Arabia
The Institute of Chartered Accountants in England and Wales and the Saudi Organisation for Chartered and Professional Accountants have urged chartered accountants in the Kingdom to elevate their professional scepticism in the ongoing battle against money laundering.
In a recent joint webinar addressing the pressing issue of Anti-Money Laundering (AML), ICAEW and SOCPA aimed to guide organisations on how to navigate their anti-money laundering compliance obligations. The distinguished panel included:
- Dr. Ahmed Abdullah Al-Meghames, CEO of SOCPA
- Abdularahman Alshabib, Senior Supervisor at SAMA
- Hanadi Khalife, Head of Middle East at ICAEW
- Duncan Wiggetts, Chief Officer of the Professional Standards Department at ICAEW
- Michelle Giddings, Head of Anti-Money Laundering at ICAEW
The expert panel highlighted the increased vulnerability of KSA to financial crimes due to its importance in international trade and finance, stressing the crucial role played by the public and private sectors in combatting this threat. Vigilance and prompt reporting of suspicious business activities were emphasised as key components of an effective anti-money laundering strategy.
ICAEW’s award-winning training film ‘All Too Familiar’, produced in collaboration with the UK’s HM Revenue and Customs, was screened during the event. The film delves into the dynamics of trust in personal and professional relationships, prompting reflections on whether trust alone can effectively combat economic crime. The objective was to challenge perspectives and foster discussions on the necessity for increased professional scepticism when facing potential money laundering risks.
Dr. Ahmed Abdullah Al-Meghames, CEO of SOCPA, said: “Combatting money laundering is an integral mission for SOCPA as we strive to uphold the highest standards of professionalism and ethical conduct in the Saudi financial sector. Through joint initiatives like these, we can equip professionals with the knowledge and skills necessary to identify and report suspicious activity, ultimately safeguarding the Kingdom’s financial system and promoting sustainable economic growth.”
Hanadi Khalife, Head of Middle East at ICAEW, said: “Accountants are the key gatekeepers for the financial system, facilitating vital transactions that underpin the economy. As such, we have a significant role in ensuring our services are not used to further a criminal purpose. Our job is to help organisations recognise, prevent, and report money laundering.”
