Article 50 of the Saudi Anti-Money Laundering Law
المادة 50 من نظام مكافحة غسل الأموال · الفصل العاشر: أحكام عامة
The article provides that the head of State Security issues and amends the regulations, in agreement with the Minister of Finance, the Attorney General and the Governor of the Saudi Central Bank.
Official text after amendments (Arabic)
Compiled from the original text and every officially published amendment; the amendments are shown in full below for comparison.
يصدر رئيس أمن الدولة اللائحة، ويعدلها، بالاتفاق مع وزير المالية، والنائب العام، ومحافظ البنك المركزي السعودي
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 50 explained in plain English
This article is one of the general provisions of the Anti-Money Laundering Law, and it identifies the authority responsible for issuing and amending the Implementing Regulations.
What does the article provide?
- Issuing and amending authority: the head of State Security.
- Requirement of agreement: issuing and amending are done in agreement with three authorities: the Minister of Finance, the Attorney General and the Governor of the Saudi Central Bank. Naming a single authority is not enough; the agreement of all these parties is required.
Why does this article matter? Because the Law refers to the "Regulations" on core matters. Article 1, for example, defines "financial institutions" as those who carry out a financial activity or operation specified by the Regulations, defines "designated non-financial businesses and professions" as those specified by the Regulations, and defines the "customer" by reference to businesses specified by the Regulations. Knowing which authority issues and amends the Regulations therefore helps banks, companies and professionals follow updates that affect their obligations. The article does not set out the content of the Regulations themselves.
The article was amended by Royal Decree No. (M/223) dated 27/10/1447 AH to take its current wording.
It is followed by Article 51, which provides that this Law replaces the Anti-Money Laundering Law issued by Royal Decree No. (M/31) dated 11/5/1433 AH, and that it takes effect from the day after its publication in the Official Gazette. To understand how the Regulations affect a particular activity, it is advisable to consult a lawyer specializing in financial compliance and money laundering cases.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 50 of the Saudi Anti-Money Laundering Law
Who issues the Implementing Regulations of the Anti-Money Laundering Law?
The head of State Security issues and amends them, in agreement with the Minister of Finance, the Attorney General and the Governor of the Saudi Central Bank.
Has this article been amended?
Yes, by Royal Decree No. (M/223) dated 27/10/1447 AH.
Amendment history
Royal Decree No. M/223 — 27/10/1447 AH
Official amendment text (Arabic)
- عُدلت هذه المادة وذلك بموجب المرسوم الملكي رقم (م/223) وتاريخ 1447/10/27هـ، لتصبح بالنص الآتي:
" المادة الخمسون: يصدر رئيس أمن الدولة اللائحة، ويعدلها، بالاتفاق مع وزير المالية، والنائب العام، ومحافظ البنك المركزي السعودي".
Original text before the amendments (Arabic)
يصدر رئيس أمن الدولة بالاتفاق مع وزير المالية والنائب العام اللائحة, خلال مدة لا تتجاوز (تسعين) يوماً من تاريخ صدور النظام.
More articles on Definitions in the Anti-Money Laundering Law
- Article 1
The article defines the key terms of the Anti-Money Laundering Law, such as funds, proceeds, predicate offense, beneficial owner, seizure and confiscation.
يقصد بالألفاظ والعبارات الآتية -أينما وردت في هذا النظام- المعاني الموضحة أمام كل منها، ما لم يقتضِ السياق غير ذلك: 1- النظام: نظام مكافحة غسل الأموال. 2- اللائ
- Article 51
The article provides that this Law replaces the Anti-Money Laundering Law issued by Royal Decree (M/31) dated 11/5/1433 AH, and takes effect the day after its publication in the Official Gazette.
1- يحل هذا النظام محل نظام مكافحة غسل الأموال، الصادر بالمرسوم الملكي رقم (م/31) وتاريخ 11/5/1433هـ. 2- يُعمَل بهذا النظام من اليوم التالي لتاريخ نشره في الجريد
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.