Regulatory Alerts2023-11-09
Raising Awareness About the Crime of Foreign Bribery
The Saudi Central Bank issued a circular announcing the Supervision and Anti-Corruption Authority's amendment to Article (Eighth) of the Anti-Bribery Law, which criminalizes foreign public official bribery in international commercial transactions. The accompanying awareness booklet outlines detection methods, contact details, and reporting mechanisms to enhance compliance across financial institutions. The Authority has announced its readiness to conduct targeted workshops to disseminate the booklet's contents and ensure institutional preparedness.
1 Abdulaziz T. Alotaibi From: Payment Policy Sent: Thursday, November 9, 2023 3:02 PM Cc: Husam A. Al Mahmoud; Dr.yazeed A. Alissa; Payment Policy Subject: Circular - Raising Awareness About the Crime of Foreign Bribery Attachments: Foreign Bribery Crime Booklet.pdf
To the Esteemed,
Peace, mercy and blessings of God be upon you,
We are pleased to inform you that the Central Bank has received a letter from the Head of the Supervision and Anti-Corruption Authority, No. (45/15929), dated 1445/04/01 AH, regarding the amendment of paragraph (7) of Article (Eighth) of the Anti-Bribery Law to include the criminalization of foreign public official bribery in relation to international commercial transactions, along with an awareness booklet on matters related to the foreign bribery crime (attached).
Furthermore, in light of the regulations issued by the Central Bank and what has been stated in the principles of conduct and corporate ethics of financial institutions, and extending to what is mentioned above, the booklet aims to raise awareness regarding the severity of the foreign bribery crime and methods for detecting it. It also provides contact and reporting information, enabling the Central Bank and financial institutions to benefit from its contents. We would like to inform you of the Authority's readiness to hold workshops (online or in-person) on the aforementioned booklet.
Please accept our regards,
W.SAMA.GOV.SA