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Saudi Arabia has approved a new law to govern the preservation and management of assets seized in money laundering and terrorism financing cases. The legislation aims to protect these assets from misuse or damage, safeguard public and private interests, and bolster the Kingdom's economic and social development.

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Saudi Arabia has approved a new law governing the preservation and management of seized assets, aiming to protect them from misuse, concealment, or damage while safeguarding public and private interests and supporting the Kingdom’s economic and social development.

According to Hamad Al Sheikh, Minister of State and Chairman of the Board of the Commission for the Guardianship of Trust Funds of Minors and Their Counterparts, the Cabinet's approval of this law reflects a commitment to strengthening the judicial and regulatory framework. He stated that the law enhances government efficiency, reinforces governance, and promotes transparency. Al Sheikh emphasized that the legislation protects rights, builds confidence in government institutions, and supports the objectives of Saudi Vision 2030 by establishing a comprehensive legal framework for managing seized and confiscated assets.

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the Cabinet’s approval of the Law on the Management of Assets Seized and Confiscated in Money Laundering, Predicate Offenses, and Terrorism Financing Cases reflects the leadership’s commitment to strengthening the judicial and regulatory framework, improving government efficiency, and reinforcing governance and transparency.

The law defines its scope, designates responsible authorities, and outlines the legal and procedural rules for asset preservation and management. Al Sheikh added that it will improve the handling of seized assets, maximize their economic value, increase spending efficiency, protect public resources, and strengthen the Kingdom's legal and investment climate. It also promotes justice and transparency, safeguards the rights of individuals and stakeholders, and supports sustainable development and quality of life.

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the law protects rights, boosts confidence in government institutions, and supports the goals of Saudi Vision 2030 by establishing a comprehensive legal framework for managing seized and confiscated assets.

In alignment with international best practices, the law demonstrates Saudi Arabia's adherence to the standards of the Financial Action Task Force (FATF), thereby reinforcing the Kingdom's global standing in governance and institutional management. The 15-article law, published in the official gazette, assigns the Authority responsibility for preserving and managing seized assets upon court order and at the request of the competent authority. The Authority's board can set management policies, engage specialized Saudi public or private entities for assets requiring technical expertise, and open dedicated accounts for seized funds.

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the legislation will improve the management of seized assets, maximize their economic value, enhance spending efficiency, protect public resources, and strengthen the Kingdom’s legal and investment environment.