Saudi Arabia’s Ministry of Commerce and Investment intends to dispatch a national program to battle commercial cover-ups, Minister Dr. Majid bin Abdullah Al-Qassibi reported on Wednesday.
As per the ministry, commercial cover-ups regularly include remote nationals owning organizations while utilizing the names of Saudi nationals.
Ten government elements will work with the ministry to execute the program, including the General Investment Authority, the Saudi Arabian Monetary Authority, the Small and Medium Enterprises General Authority and the Ministry of Labor and Social Development.
An adviser to the minister of trade and investment, Salman Al-Hajjar, was cited by Arab News as saying that the program will battle cover-ups “by implementing technical solutions, opening bank accounts for establishments” and “automating all services and payment channels.”
The program will likewise lead public awareness campaigns about the negative financial and social effect of cover-ups.
As a component of the program, different regulations will be investigated to survey their appropriateness to meet the monetary advancements in the nation, which may prompt stricter punishments for those observed to submit cover-ups.
Al-Hajjar likewise stated that Saudi citizens will assume an imperative role in the program, which will depend on them revealing cover-ups.
He even told, “This phenomenon is done in secret. It isn’t documented…which requires considerable investigation and unified efforts to prove. The citizen has the main role in revealing those violations.”
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