Financial information about Al Hadarat Company
Money laundering
Money laundering is the illegal process of concealing the source of funds generated by illegal activities (such as drug trafficking, corruption, or economic crimes) and converting them into funds that appear legitimate.
Anti-Money Laundering:
Legislation and laws:
Establish laws that criminalize money laundering and impose strict penalties.
Financial institutions: Implement procedures such as Know Your Customer (KYC) and monitor suspicious transfers.
International cooperation: Exchange of information between countries to prosecute those involved.
Common examples of money laundering:
Creating shell companies to hide illicit funds.
Purchasing real estate under false names.
Using casinos to launder money through betting.
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Compliance
Compliance is the adherence to laws, regulations, standards, and policies in place in an organization or industry. Compliance aims to ensure that activities and business are conducted in a legal, ethical, and regulatory-compliant manner.
Compliance objectives:
Protect the company from legal and financial penalties.
Enhance the company’s reputation and build trust with customers and partners.
Support an ethical and responsible business environment.
Reducing risks such as corruption, money laundering or data breaches.
Elements of effective compliance:
Clear Policies: Create written policies and regulations that outline compliance rules.
Training and Awareness: Train employees to understand and implement compliance policies.
Monitoring and Control: Track compliance through monitoring and analysis systems.
Reporting Violations: Provide confidential channels for reporting violations.
Penalties: Implement disciplinary measures against violators.
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Financial Control
Financial control is the process of managing and reviewing financial resources to ensure that they are used effectively, legally, and in accordance with established objectives. It aims to promote transparency, reduce waste, and combat corruption by ensuring compliance with financial policies and laws.
Importance of financial oversight:
- Combating corruption:
Detecting and stopping illegal financial activities. - Enhancing trust:
Building trust between institutions and stakeholders (such as investors and citizens). - Improving financial performance:
Reducing costs and improving the efficiency of money management.
Practical examples:
Monitor government spending to ensure funds are directed to designated projects.
Verify compliance with corporate tax laws.
Review budgets and accounting processes to ensure accuracy.
