\n Saudi Arabia: A key player in the fight against financial crime, says French senator\n <\/p>\n
\n\tDUBAI: Just weeks ahead of the international conference \u201cSanctions, AML and CFT for Banking and Finance in the Kingdom of Saudi Arabia,\u201d to be held in Riyadh on Oct. 21\u201322, 2025, French Senator Nathalie Goulet, in an interview with Arab News en fran\u00e7ais, praised Saudi Arabia\u2019s ambition and commitment to combating money laundering and financial crime.<\/p>\n
\n\t\u201cSaudi Arabia was an early leader in the \u2018No Money for Terror\u2019 initiative. The country is capable, and above all, it has a strong leader and a clear vision,\u201d the senator stated.<\/p>\n
\n\tA firm political will<\/p>\n
\n\tFor Nathalie Goulet, the Kingdom\u2019s transformation is undeniable.<\/p>\n
\n\t\u201cFrom the moment Crown Prince Mohammed bin Salman came to power, he addressed corruption issues head-on. He instilled a new political direction and determination,\u201d she said.<\/p>\n
\n\tThis transformation is aligned with the Kingdom\u2019s rapid opening, notably under Vision 2030, and is part of a broader effort to enhance the business climate and attract foreign investment within a stable legal and financial framework.<\/p>\n
\n\t\u201cThings are moving quickly \u2014 but ultimately, it\u2019s a matter of political will. And in Saudi Arabia, that will is very clear,\u201d she added.<\/p>\n
\n\tRiyadh: The next regional hub for compliance<\/p>\n
\n\tThe event in October will gather regulators, bankers, legal experts, and compliance professionals from around the world. For Goulet, it represents a pivotal moment: \u201cWhat I\u2019m hoping for are concrete exchanges of best practices. Because sometimes it\u2019s not the laws that change things \u2014 it\u2019s the daily interactions between professionals.\u201d<\/p>\n
\n\tThe French senator will speak about financial transparency and international cooperation.<\/p>\n
\n\tTangible progress and stronger regional cooperation<\/p>\n
\n\tFollowing her recent participation in the \u201cFighting Financial Crime\u201d summit in Abu Dhabi on Sept. 10\u201311, Goulet commended the efforts of the UAE, which was recently removed from the Financial Action Task Force gray list.<\/p>\n
\n\t\u201cThere\u2019s genuine commitment at the highest level. And that determination is contagious. We\u2019re also seeing strong Saudi involvement \u2014 for example, through Nazaha, the anti-corruption authority.\u201d<\/p>\n
\n\tFor Goulet, a regional dynamic is clearly underway: more extraditions, greater respect for judicial cooperation frameworks, and the rising capabilities of local authorities.<\/p>\n
\n\tFragmented responses for a global issue<\/p>\n
\n\tDespite this progress, the senator remains concerned: Between 2 and 5 percent of global gross domestic product is estimated to be generated from money laundering, yet only 1 to 2 percent of those funds are ever recovered.<\/p>\n
\n\t\u201cThat\u2019s billions forgone that could finance schools, hospitals, and infrastructure \u2014 an enormous shortfall for citizens.\u201d<\/p>\n
\n\tIn addition to the extensive use of unregulated crypto-assets and migrant trafficking, Goulet warns about increasingly inventive techniques used by criminal networks: gold smuggled under the guise of coffee and tampered banana shipments.<\/p>\n
\n\tChallenges in the Middle East<\/p>\n
\n\tThe Middle East is not exempt from these shifts. Goulet highlights several worrying trends: gold trafficking, unrestrained use of crypto-assets, and massive counterfeiting.<\/p>\n
\n\t\u201cCounterfeiting isn\u2019t just fake handbags. It includes fake medicine, defective spare parts, and illicit tobacco. The global cost is estimated at $650 billion per year.\u201d (EU Intellectual Property Office, 2022)<\/p>\n
\n\tShe stresses the need to improve traceability \u2014 even across informal networks such as money transfer systems and certain digital platforms.<\/p>\n
\n\tCooperation and upskilling at the heart of the response<\/p>\n
\n\tTo tackle these threats, Goulet calls for stronger multilateral action: targeted training, information sharing, international benchmarking, and the adoption of new technologies.<\/p>\n
\n\t\u201cWe need to upskill judges, customs officers, and regulators. But we also need to strengthen cross-border cooperation and exchange best practices.\u201d<\/p>\n
\n\tShe also highlights the critical role of artificial intelligence in detecting suspicious transactions and calls for the creation of research fellowships on crypto-assets and their mechanisms.<\/p>\n
\n\tSaudi Arabia: Toward a structuring role in the international system<\/p>\n
\n\tAs Saudi Arabia increasingly positions itself as a regional financial hub, questions are emerging about its future role within global bodies like FATF.<\/p>\n
\n\t\u201cThe Kingdom has the means, the ambition, and the will. It already applies the rules, cooperates effectively, and leads by example.\u201d<\/p>\n
\n\tThe recent appointment of an Emirati official as head of Interpol, Maj. Gen. Ahmed Naser Al-Raisi, she adds, also reflects the region\u2019s growing influence in global security governance.<\/p>\n
\n\tA global fight for citizens<\/p>\n
\n\tAccording to Goulet, this fight transcends national borders and financial institutions \u2014 and must remain a top priority, amid economic turbulence.<\/p>\n
\n\t\u201cPrecisely because the economic climate is difficult, we cannot allow public money to slip through the cracks. Crime diverts public resources. This is a fight for citizens \u2014 for schools, for hospitals,\u201d the senator said.<\/p>\n
\n\tRiyadh will mark a new chapter. For Goulet, every conference, every professional exchange, and every regulatory or technological breakthrough contributes to building a healthier, fairer economy.<\/p>\n
\n\tNext stop: Riyadh \u2014 Oct. 21-22, 2025<\/p>\n
\n\tConference: Sanctions, AML and CFT for Banking and Finance in the Kingdom of Saudi Arabia, with the participation of French Senator Nathalie Goulet<\/p>\n
\n\tRegistration link: https:\/\/nielsonsmith.com\/events\/sanctions-compliance-aml-ctf-for-banking-finance-conference-26-27-november-riyadh-ksa\/<\/p>\n