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Reuters: Saudi Arabia Increases Oversight on Transfers to UAE
Reuters reported that Saudi Arabia has tightened oversight on bank transfers to the UAE, implementing additional regulatory measures concerning high-risk countries related to money laundering and terrorism financing. These procedures have led to delays or rejections of financial transfers from Saudi banks to the UAE without official explanations, in response to directives from the Saudi Central Bank, which affirmed that the system complies with FATF standards. These measures aim to reduce illicit financial flows between the two countries and reflect the widening Gulf gap and their economies.
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