Saudi Arabia extends period to correct ownership details

Failure to comply with the local law will result in penalties of up to $1.3mln and jail term

  
Kingdom Centre, Riyadh, Saudi Arabia. Image used for illustrative purpose.

Kingdom Centre, Riyadh, Saudi Arabia. Image used for illustrative purpose.

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RIYADH: Saudi Arabia’s Ministry of Commerce on Sunday extended the corrective period for violators of the Kingdom’s anti-concealment law until Feb. 16, 2022.

Failure to comply with the local law will result in penalties of up to SR5 million ($1.3 million) and jail term.

Status correction requests can be submitted electronically via mc.gov.sa.

The National Program for Combating Commercial Concealment, also known as Tasattur, the initiative aims to combat all types of commercial concealment by enforcing a number of measures and actions, including a gradual requirement for all business outlets to use electronic payment systems in their trade activities.

The program’s key mission is to regulate financial transactions and eliminate the illegal remittances.

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