Dr Ahmed Abdulkarim Alkholifey, the Governor of the Saudi Arabian Monetary Authority (SAMA), issued the following statement on Tuesday November 7 in relation to the work of the supreme anti-corruption committee formed by Royal Order on November 4, 2017:
“SAMA’s action of suspending bank accounts of persons of interest is in response to the Attorney General’s request pending the legal cases against them.
It is worth clarifying here that concerned individual accounts rather than their corporate businesses have been put in suspension until final court rulings.
In other words, corporate businesses remain unaffected. It is business as usual for both banks and corporates. Also, SAMA would like to reiterate that there are no restrictions on money transfers through proper banking channels.”