Saudi Gazette report

RIYADH — The Saudi Central Bank (SAMA) and the Oversight and Anti-Corruption Authority (Nazaha) signed on Wednesday a memorandum of cooperation aimed to enhance the mechanism of cooperation among the two entities with regard to combating corruption.

The memorandum was signed by SAMA Governor Ayman Al-Sayari and Nazaha President Mazen Al-Kahmous. The agreement will deal with crimes of corruption related to financial institutions subject to the supervision and control of SAMA, and covered by Nazaha’s jurisdiction in a manner consistent with the relevant regulatory texts and procedures.

The memorandum aims to enhance cooperation between the two parties, given SAMA’s jurisdiction to monitor and supervise financial institutions, and Nazaha’s undertaking to exercise its duties and powers to combat financial and administrative corruption crimes. This is in a way achieving integration and consistency of roles to maintain the stability of the financial sector and enhance the confidence of those dealing with it, and in a way that contributes to achieving the goals of Saudi Vision 2030.