Article 17
| No: 14525 | Date(g): 8/11/2017 | Date(h): 19/2/1439 | Status: In-Force |
| The General Directorate of Financial intelligence shall be under the oversight of the President of the State Security, and shall enjoy adequate operational independence. It shall act as a national central agency to receive suspicious transaction reports, or other information or reports relating to money laundering, predicate offenses or proceeds of crime as provided for by this Law and its Implementing Regulations, to analyze such reports and information, and to disseminate the results of its analysis to competent authorities, either spontaneously or upon request. The President of the State Security shall determine the organizational structure of the Directorate and the Implementing Regulations shall identify its governance, mandate and its methods of operation. |
17/1
The General Directorate of Financial Intelligence shall be headquartered is located in Riyadh and it may open other branches in regions of the Kingdom, shall assume the following functions:
| a. | Receive suspicious transaction reports, or other information or reports relating to money laundering, predicate offenses or proceeds of crime as provided for by the Law; | |||
| b. | Gather information that will enable the Directorate to perform its work effectively; | |||
| c. | Analyze the reports and information received; | |||
| d. | Disseminate the results of its analysis to competent authorities, either spontaneously or upon request; | |||
| e. | Establish a database including all reports and information received. The database shall be updated consecutively while maintaining the confidentiality of the information included therein; | |||
| f. | Request and exchange information with competent authorities; | |||
| g. | Request and exchange information with foreign counterparts; | |||
| h. | Prepare templates for use by reporting entities to report suspicious transactions; | |||
| i. | Issue and update guidance to financial institutions, designated non-financial business and profession, and NPOs on identifying and reporting suspicious transactions; | |||
| j. | Seek assistance, at its discretion, from experts and specialists from relevant agencies; | |||
| k. | Provide feedback to reporting entities on information and suspicious transaction reports received; | |||
| l. | Participate in the preparation of awareness programs on combatting money laundering in coordination with the Permanent Committee on Anti-Money Laundering; | |||
| m. | Enter into memoranda of understanding with other financial intelligence units according to applicable laws and procedures; | |||
| n. | Prepare annual reports; | |||
| o. | Prepare typology reports based on the outcome of its strategic analysis; | |||
| p. | Directorate of financial intelligence, as member of Egmont group, follow up with the Egmont group’s requirement, participate in its conference; ; | |||
| q. | Stop the suspicious transaction, if necessary, up to (72) hours from the time the suspicious transaction report is received. | |||
| r. | Request the Bureau of Public Prosecution to apply a seizing measure in relation to funds or instrumentalities | |||
| s. | Conduct research and inquiries, in coordination with the competent authorities, or request from the competent authorities to conduct field investigation. | |||
17/2
The Directorate shall conduct the following:
| a. | Operational analysis: which is the use available and obtainable information to identify suspects, to trace particular activities or transactions, and to determine links between those suspects and possible proceeds of crime, or money laundering or predicate offenses. | |||
| b. | Strategic analysis: which is the use available and obtainable information, including data that may be provided by other competent authorities, to identify money laundering related trends or patterns. | |||
17/3
The Directorate of financial intelligence shall protect the information it received or maintains by:
| a. | Establishing rules governing the security and confidentiality of information, including procedures for handling, storage, dissemination, and protection of, and access to information; | |||
| b. | Ensuring that there is limited access to the Directorate’s facilities and information, and IT systems. | |||
17/4
The Directorate of financial intelligence shall be operationally independent and autonomous by:
| a. | Having the authority to carry out its functions freely, including the autonomous decision to analyze, request and/or forward or disseminate specific information; | |||
| b. | Having the capability to place arrangement or work independently with other local competent authorities, or foreign counterpart in relation to exchange of information, | |||
| c. | Having distinct functions to distinguish them in the performance of its work from other parties under the chairmanship of the State Security; | |||
| d. | Be able to obtain and deploy the resources needed to carry out its functions, on an individual or routine basis, free from undue political, government or industry influence or interference, which may compromise its operational independence. | |||
17/5
All domestic and international obligations under the former name (Financial Investigation Unit) shall be referred to The Directorate of financial intelligence.