Al Rajhi Charity combats money laundering and terrorist financing

Based on the Kingdom’s Vision 2030 towards empowering and achieving a greater impact for the non-profit sector, and the National Transformation Program, which considers the non-profit sector a partner in the community development process, an agreement was signed today in the city of Riyadh between the Sulaiman Al-Rajhi Charitable Foundation and the National Foundations Council to develop and qualify the boards of trustees of civil society institutions and trustees. The secret of the councils, through specialized training courses on the anti-money laundering system and the anti-terrorism crimes system and its financing to enhance the commitment of civil institutions to them, and activate them in accordance with the best local and international practices. The Sulaiman Al-Rajhi Charitable Foundation was represented by the CEO, Dr. Khalid bin Abdulrahman Al-Rajhi, who explained that the project comes as one of the roles Sulaiman Al Rajhi Charitable Foundation in contributing to maximizing benefit, community development, and achieving sustainability and growth, including efforts directed at empowering professionalism in endowment and charitable work in general, and the large and influential role played by boards of trustees in civil society institutions, the most important of which is activating governance in institutions and supervising their mechanisms and tools, including: Ensures oversight and adherence to approved systems, regulations and standards; The Foundation seeks to empower them in a way that helps enhance their effectiveness in carrying out their roles. The Executive Director of the Council of Non-Governmental Institutions explained that the idea of ​​the program is to provide an awareness-raising training program on the Anti-Money Laundering and Combating the Financing of Terrorism Regulations for members of the boards of trustees of the civil society organizations in the Kingdom, through a body specialized in this field and at a level commensurate with the levels of the various boards of trustees, so that the program addresses two methods, the first of which is presented. On the cognitive awareness enrichment aspect, and the other on applications, models and mechanisms, the program includes, as stated by the Director of Grants and Programs Department at the Sulaiman Al-Rajhi Charitable Foundation, in addition to introducing the two systems: developing the practices of the know-your-business principle for civil society institutions, and preparing a list of indicators of suspected money laundering and terrorist financing that are compatible with The work of civil society organizations, preparing a list of the risks of money laundering and terrorist financing according to the classification approved in the compliance and commitment standard for civil society institutions issued by the Ministry of Human Resources and Social Development, and preparing a general list of practices consistent with the work of civil society institutions to confront and avoid the risks of money laundering and terrorist financing.