Anti Concealment Law

In this Law, the following terms and phrases shall have the meanings assigned thereto: Law: Anti-Concealment Law. Regulations: Implementing regulations of the Law. Ministry: Ministry of Commerce. Minister: Minister of Commerce. Non-Saudi: A natural or legal person who does not hold Saudi citizenship and is not treated as a holder thereof. Economic Activity: Any for-profit activity that requires approvals or licenses from the competent authorities, be it an investment or service provision activity, or commercial, professional, industrial, agricultural, or otherwise. Proceeds: Any funds directly or indirectly generated or acquired, in the Kingdom or abroad, by committing any of the offenses provided for in Article 3(a) and (b) of this Law, including funds that are exchanged or converted in whole or in part to funds of a similar nature. Provisional Seizure: Temporary ban on the transport, transfer, exchange, disposal, or movement of funds, or the seizure thereof, pursuant to an order issued by the criminal court or competent authority. Chapter 2: Offenses and Violations