Tuesday, June 17, 2014

Financial corruption on rise in Saudi Arabia: Report
Tue Jun 17, 2014 5:20AM GMT
A new report shows that financial corruption and money laundering have been on the rise in Saudi Arabia over the past years.
According to a recent report by the London-based Al-Hayat newspaper, nearly 500 cases of money laundering and corruption have been reported in Saudi Arabia in the past two years.
The report said the Saudi Interior Ministry had investigated more than 180 of such cases this year and over 300 others in 2013.
In May, a poll carried out by the Saudi National Anti-Corruption Commission disclosed that 67.8 percent of the respondents said the level of financial and state corruption is on the rise in Saudi Arabia. The results also showed that some 92 percent of Saudi nationals hold nepotism responsible for the spread of corruption in their country.
In a letter to the head of the anti-corruption organization earlier this year, Prince al-Waleed bin Talal Al Saud said his country is suffering from rampant corruption in state organizations, the scope of which is gradually being revealed to the public.
Last August, exiled Saudi Prince Khalid Bin Farhan Al Saud criticized the United States for ignoring corruption in Saudi Arabia due to long-term interests.
Saudi Arabia is the world’s largest oil exporter, with the black gold accounting for 90 percent of the country’s exports. Corruption is so ingrained in Saudi Arabia’s royal family that despite the country’s enormous oil money, it struggles with problems such as poverty and unemployment.
Job growth and welfare programs in Saudi Arabia have failed to keep pace with a booming population that hiked from 6 million in 1970 to 28 million in 2012.

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