Another of those frustrating articles from the Saudi media. Arab News reports that the Shoura Council has approved a new anti-money laundering bill, but gives very little detail about what it covers. Until 2003, the Kingdom had no formal anti-money laundering laws; Shariah law could be used in some instances to halt it, but coverage was less than spotty. The terrorist attacks of 9/11 and the involvement of Saudi nationals in it changed things a bit. Both internal and external pressures put on the Kingdom led it to introduce more specific rules, but starting from zero has meant both a lengthy process and a steep learning curve.
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