Saudi BSF ups the anti against money laundering

Published July 18th, 2001 - 03:00 GMT

The Al-Bank Al-Saudi Al-Fransi (BSF) has recently expanded its campaign against money laundering, according to Jeddah Arab News.

Money laundering has become an increasingly pervasive problem throughout the world, and is currently considered the third largest industry, with approximately $1.4 million illicit funds circulating through international banking networks. Only the currency exchange and automobile manufacturing industries rank larger.

A recent seminar organized by BSF and Citibank dealt with the issue of fighting such practices. As a result, the bank is raising the awareness level of its employees with regards to the repercussions of money laundering by having them undergo special courses to help detect fraud. In addition, strict measures are being taken to prevent illegal funds from entering the Saudi banking system.

Furthermore, the Saudi Monetary Agency (SAMA) has also taken steps to prevent money laundering in the nation’s banks.

BSF is one of the Kingdom’s major joint-venture banks, with 57 branches across Saudi Arabia. Credit Agricole Indosuez of France presently holds one third of the bank’s stakes. –(MENA Report)