The Cabinet approved adding the following phrase to the law: “And the supervisory authority must inform the General Directorate of Financial Intelligence, about the action or penalty it is taking,” and this addition has been made to make Article 83 of the law more foolproof and effective.

Article 83 of the law on Combating Terrorism Crimes and its Financing stipulates punitive measures against the violators. These include issuing a written warning about the committed violation; issuing an order that includes compliance with specific instructions; issuing an order for the regular reporting of the measures taken to address the violation, and imposing a fine not exceeding SR5 million for each violation.

The penalties include banning the perpetrator from working in the sectors over which the supervisory authority has the authority to monitor for a period determined by the supervisory authority. It also includes restricting the powers of managers or members of the board of directors or members of the executive or supervisory management for appointing temporary controllers, suspending managers, members of the board of directors, or members of the executive or supervisory management in the event of committing violations s by them.

The supervisory authority shall have the right to detect any violation of the law by financial institutions; designated non-financial businesses and professions or non-profitable organizations as well as their directors, or any members of the board of directors or members of the executive or supervisory management, and this is without prejudice to any more severe penalty and without prejudice to any procedure stipulated in another law.