SAU ABC Authority, Oversight Law


On Jul. 23, SAU ABC published decision on the authority's law.


  • SAU ABC published Decision No. 68 of 2024, concerning the SAU ABC Authority Law.
  • Explained that this Law will enhance the role of the Authority in carrying out its jurisdiction regarding the fight against financial and administrative corruption.
  • Document dated Jul. 23, 2024, was added on Oct. 3, 2024 due to editorial backfill.
  • Overview
  • Law affirms the complete independence of SAU ABC, granting it the necessary powers to carry out its jurisdiction, perform its tasks, and solidify its role with neutrality.
  • Defines and expands the forms of corruption crimes that the Authority is responsible for investigating, such as bribery, misappropriation of public funds, abuse of power.
  • As well as any other crime specified as corruption crime based on regulatory provision.
  • Expands SAU ABC responsibilities in administrative oversight, investigation, administrative prosecution, integrity protection, as well as transparency promotion.
  • Also, international collaboration with regional, international entities and organizations.
  • Includes provisions related to combating financial and administrative corruption crimes, such as dismissal from public office for a public employee upon conviction.
  • As well as provisions on illicit enrichment and escape of suspect outside the country.
  • Law allows individuals accused of corruption to request a proposed settlement.
  • Effectiveness
  • Law is effective 90 days after its publication in the official gazette, on Nov. 7, 2024.

Regulators SAU ABC
Entity Types B/D; Bank; Corp; IA; Ins
Reference Dec 68/2024, 7/23/2024;
Functions Anti-Bribery; Compliance; Financial; Legal; Reporting; Risk; Treasury
Countries Saudi Arabia
Category
State
Products Banking; Corporate; Fund Mgt; Insurance; Securities
Regions EMEA
Rule Type Final
Rule Date 7/23/2024
Effective Date 11/7/2024
Rule Id 228358
Linked to N/A
Reg. Last Update 7/23/2024
Report Section International

Last substantive update on 10/04/2024