Saudi Gazette report

RIYADH — The Ministry of Justice (MoJ) has suspended 37,000 enforcement applications for suspected violations of financing regulations.

“The measure implements the controls imposed by a recent royal decree to curtail financing practiced by entities not licensed under the Law of Monitoring Finance Companies,” the ministry said.

“They work to ensure swift detection of violators to protect the economy and prevent exploitation,” it added.

The decree also provided for electronic integration between the MoJ and the Saudi Arabian Monetary Agency (SAMA) for implementing the regulations and setting up required arrangements.

The Law of Monitoring Finance Companies prohibits conducting specified financing activities without a valid statutory license.