Saudi Ministry of Justice suspends 37,000 enforcement claims

The Law of Monitoring Finance Companies prohibits conducting specified financing activities without a valid statutory license

  
Image used for illustrative purpose. Close-Up Of Gavel And Hammer On Desk

Image used for illustrative purpose. Close-Up Of Gavel And Hammer On Desk

Getty Images/Audtakorn Sutarmjam / EyeEm
RIYADH — The Ministry of Justice (MoJ) has suspended 37,000 enforcement applications for suspected violations of financing regulations.

“The measure implements the controls imposed by a recent royal decree to curtail financing practiced by entities not licensed under the Law of Monitoring Finance Companies,” the ministry said. “They work to ensure swift detection of violators to protect the economy and prevent exploitation,” it added.

The decree also provided for electronic integration between the MoJ and the Saudi Arabian Monetary Agency (SAMA) for implementing the regulations and setting up required arrangements.

The Law of Monitoring Finance Companies prohibits conducting specified financing activities without a valid statutory license.

 

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