August 23 set as deadline to correct Anti-Concealment Law violations in Saudi Arabia

Buildings at the King Abdullah Financial District in Riyadh, Saudi Arabia.
Getty ImagesRIYADH — The Ministry of Commerce and the National Anti-Commercial Concealment Program have set Aug. 23 as the deadline to correct violations related to provisions of the Anti-Commercial Concealment Law.
The ministry and the program announced on Sunday that the commencement of the regulation to correct the status of violators of the Anti-Concealment Law would coincide with the implementation of the new Anti-Concealment Law from Aug. 23.
Under the new regulations, violators of the provisions of the Law can correct their status and benefit from the advantages stipulated in the regulation.
Violators of the Anti-Concealment Law can rectify their status in an easier and simpler way by submitting an application through the Ministry of Commerce website (mc.gov.sa) or correcting it through multiple options.
The government agencies participating in the National Anti-Commercial Concealment Program affirmed their full readiness to support all applicants to request correction to be regular investors in accordance with the options stipulated in the Regulations for Correcting the Status of Violators of the Anti-Concealment Law, and that there won’t be any leniency in the application of heavy penalties stipulated by the Law after the end of the corrective period.
A person, who was arrested by the ministry for committing a crime or violating provisions of the law before submitting a request to rectify his status, or whoever was referred to the Public Prosecution or the competent court, will not be given any exemption from the penalties.
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