Saudi Shura Council approves anti-concealment system

The project contributes to enhancing the economic policies and combating shadow economies

  
Members of Saudi Arabia's Shura (Consultative) Council meet at their headquarters in Riyadh February 7, 2005. REUTERS/Zainal Abd Halim Image used for illustrative purpose

Members of Saudi Arabia's Shura (Consultative) Council meet at their headquarters in Riyadh February 7, 2005. REUTERS/Zainal Abd Halim Image used for illustrative purpose

REUTERS/Reuters Photographer

Riyadh - Mubasher: The Saudi Shura Council has approved an anti-concealment law on Monday, during its 50th ordinary session, chaired by the council’s chairman Abdullah Al Sheikh.

The project contributes to enhancing the economic policies and combating shadow economies, supporting the growth of the retail sector and improving its quality while limiting concealment sources, according to an official statement.

It further aims to protect investors, individuals, and society, and supports small and medium-sized enterprises (SMEs) and dismantle the obstacles they face in this respect.

Moreover, the system engages citizens to become active contributors in curtailing concealment crimes and also protects consumers from behaviours and practices that lead to the offering of goods and services that are unqualified and of poor quality. Furthermore, it outlines the means through which consumers can report concealment acts.

Meanwhile, the council approved a system to support faltered or faltering major financial institutions.

Source: Mubasher

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