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31 July 2016
JEDDAH: A new mechanism is being planned that would compare remittances with the senders' incomes.
The first of its kind project is the brainchild of the Finance Ministry, the Saudi Arabian Monetary Agency and other relevant bodies.
It aims to control the transfers as authorities detected that thousands of foreign workers transfer amounts that exceed their incomes. These incomes might be the result of concealed, even criminal, actions, said sources.
They said the new regulation, now under consideration, will be launched soon and will contribute to limiting labor market irregularities and violations that increase the illegal income of expatriates.
Any income obtained by foreign workers will be linked with banks, without exception, through a unified network.
JEDDAH: A new mechanism is being planned that would compare remittances with the senders' incomes.
The first of its kind project is the brainchild of the Finance Ministry, the Saudi Arabian Monetary Agency and other relevant bodies.
It aims to control the transfers as authorities detected that thousands of foreign workers transfer amounts that exceed their incomes. These incomes might be the result of concealed, even criminal, actions, said sources.
They said the new regulation, now under consideration, will be launched soon and will contribute to limiting labor market irregularities and violations that increase the illegal income of expatriates.
Any income obtained by foreign workers will be linked with banks, without exception, through a unified network.
© Arab News 2016
