Successful Female Entrepreneurs Share Inspiring Stories at AmCham Saudi Arabia Event in Jeddah

French senator Nathalie Goulet emphasized the importance of combating money laundering in the new world order during a forum in Riyadh this week. Goulet highlighted Saudi Arabia’s role in the fight against financial crimes and stressed the need for strict regulations to address the issue.

Money laundering, which represents 3 percent of the gross world product, poses a global threat to the stability of countries. Goulet pointed out that while not all money laundering is linked to terrorism, the financing of terrorism often involves money laundering. She also highlighted the connection between financial crimes and issues such as human trafficking, corruption, and drug smuggling.

Goulet praised Saudi Arabia’s efforts in combating money laundering, citing Crown Prince Mohammed bin Salman’s campaign ‘No Money for Terror’ as a significant step forward. She commended the Kingdom for fulfilling its obligations to international organizations like the Financial Action Task Force and Egmont Group.

The senator emphasized the importance of imposing sanctions on traffickers and implementing tougher legislation on ill-gotten gains. She also discussed the impact of being on the FATF’s grey list, which can affect a country’s business climate and lead to increased monitoring of companies operating within its jurisdiction.

Saudi Arabia’s full membership in the FATF in 2019 reflects its commitment to combating money laundering and supporting economic development. Goulet’s insights shed light on the challenges and measures needed to address financial crimes in the evolving global landscape.