Article 51 of the Saudi Anti-Money Laundering Law

This article contains two closing provisions on the Law's entry into force:

First: replacement of the previous law (paragraph 1)

This Law replaces the Anti-Money Laundering Law issued by Royal Decree No. (M/31) dated 11/5/1433 AH. This means the previous law is no longer the reference, and the provisions to apply are those of this Law.

Second: date of effect (paragraph 2)

This Law takes effect from the day after the date of its publication in the Official Gazette. The start of effect is therefore tied to the publication date, not the date the decree was issued.

Relation to Article 50: Article 50 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.

What the article does not address: the article contains no transitional provisions explaining how facts that occurred under the previous law are treated, and it does not state the publication date itself.

This article matters particularly to financial institutions and designated non-financial businesses and professions, because it identifies the law against which their obligations are measured. Anyone with a question about earlier facts or about which law applies is advised to consult a lawyer specializing in criminal cases or in banking and finance.