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Terrorist crime is any criminal act committed, individually or collectively, directly or indirectly, by a perpetrator, with the intention to disturb public order, destabilize the national security or state stability, endanger national unity, suspend the Basic Law of Governance or some of its provisions, cause damage to state facilities or its natural or economic resources, attempt to coerce any of its authorities into a particular action or inaction, harm or cause death to any person, when the purpose -by its nature or context- is to terrorize people or coerce any government or international organization into a particular action or inaction, or threaten to carry out acts that would lead to any of the aforementioned objectives or purposes or instigate such acts. It also includes acts constituting a crime according to Saudi Arabia's obligations to any international conventions or protocols pertaining to terrorism or its financing and to which Saudi Arabia is a party, and acts included in the Annex of the International Convention for the Suppression of the Financing of Terrorism. The crime of terrorism financing is achieved through provision of funds for the commission of a terrorist crime or for the benefit of a terrorist entity or person, including the financing of a terrorist’s travel and training.
Transactions related to terrorism financing are distinguished from those related to money laundering as follows:
1.
Small transactions, including bank transfers and currency exchange, can be used to finance terrorist activities.
2.
Terrorists can be financed using funds obtained legitimately, making it difficult for the financial institution to determine the stage in which legitimate funds become funds used to finance terrorist operations. Terrorists can derive their financing from legal and/or illegal sources.
Therefore, financial institutions shall ensure that their internal control and monitoring systems do not focus only on high-value transactions. They shall add indicators into these control systems relating to terrorism financing and the search for transactions without a clear economic purpose. In addition, financial institutions shall implement effective controls and procedures for customer identification and verification as well as continuous transaction monitoring and reporting of suspicious transactions to ensure that Saudi Arabia's financial system is not misused to finance terrorists, terrorist organizations, or terrorist acts.
