How to Improve the Legal Tools for Preventing Money Laundering in the United Kingdom and Saudi Arabia

Abstract

The European Commission has included Panama, Saudi Arabia, and four territories of the United States on a blacklist of nations that it considers to be of concern due to having insufficient safeguards against the funding of terrorism and money laundering. One reason for concern about money laundering in the United Kingdom (UK) is the significance of the financial sector to its economy. Earning substantial proceeds through illegal activity, including drug trafficking or financing terrorist organisations, and disguising them by making it appear as if they were derived from a legal source is referred to as money laundering. Criminal organisations typically carry out this type of activity. This research paper examines the factors that affect the practice of money laundering in Saudi Arabia and the UK and presents a statistical analysis of the relevant cases and how they have been influenced by a global economy and international competition. An in-depth discussion is also presented regarding the legislative requirements that the EU imposes on its members.