Business & Money | Sunday 8 March, 2015 6:18 am |

The Ministry of Justice and the Saudi Arabian Monetary Agency have forged an electronic link with each other in a coordinated move to fight financial crime.
Ministry of Justice Undersecretary for Crimes and Execution Khaled Al-Dawoud said that the e-link between the two organizations will ensure that justice is served quickly by freezing the debtor’s account before he has the opportunity to transfer it elsewhere.

The process will take only a few minutes under a mutually agreed formula devised between them. According to Al-Dawoud, the cooperation agreement was signed under the guidance of Minister of Justice Walid Al-Samaani and SAMA Gov. Fahd Al-Mubarak. SAMA Deputy Gov. Abdulaziz Freeh was also present at the signing ceremony.
“The new link will enable the executive judge in any case to execute a number of actions automatically, including disclosure, freezing accounts, or disabling them”, he added.
Al-Dawoud pointed out that since the beginning of 1435 H until the first quarter of this year, the relevant courts have recovered more than SR45 billion in response to over 133,000 applications received by various implementing departments.

The SAMA deputy governor underlined the importance of such an electronic link for its role in protecting the financial sector and its investments, adding that SAMA has executed over 45 court orders within the past year.

He said SAMA works to safeguard confidential information while speeding up the implementation process of court orders by taking prompt actions against offenders. Freeh stressed the importance of this linkage in protecting the financial and legal rights of the aggrieved parties, as well as for protecting investments in the Kingdom.