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Royal Order Instructs Ministry of Justice to Set Safeguards Limiting Funding Activity Violations

Royal Order Instructs Ministry of Justice to Set Safeguards Limiting Funding Activity Violations
26 Apr

Riyadh, SPA:
The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud issued a royal order instructing the Ministry of Justice, to put into action safeguards to limit practicing funding activity by the non-licensed, according to the Funding Companies Control Law, in order to accurately track down the offenders, promptly putting them on trial and be punished as legally set forth, to guarantee protecting the economy and preventing them of exploiting the public needs and illegally finance them.
For his part, the Minister of Justice and the Chairman of the Supreme Judicial Council Dr. Waleed bin Mohammed Al-Samaani valued the signification of the Custodian of the Two Holy Mosques' order, underscoring that the new safeguards would limit, God Will, funding activity by the unlicensed and stop them carrying on with such activity, a fact that would contribute to limit exploiting the debtors default, through illegal means.
He also pointed out that the royal order will guarantee the ministry online linkage to the Saudi Arabian Monetary Authority (SAMA) to carry out with setting relating necessary mechanisms and arrangements to the royal order, in partnership between the two bodies.

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