JEDDAH — Saudi Arabia's Attorney General and Chairman of the Public Prosecution Council Sheikh Saud Al-Muajab approved the establishment of a specialized prosecution authority to investigate financial crimes. Titled "Prosecutions for Financial Fraud Crimes," the new entity will undertake judicial procedures in combating financial crimes, investigate charges against the accused, and file criminal cases against them before the competent courts. Al-Muajab's approval redefines the specific judicial terms of reference for the new wing of prosecution, which includes investigating criminal methods involving financial fraud and its criminal effects; taking care of the financial and economic interests affected by this; and safeguarding the rights of individuals, establishments, and commercial and financial entities. The terms of reference also include linking joint penal action between parties for crime control, Public Prosecution and the competent courts in a unified specialized prosecution to contribute to the acceleration and governance of legal procedures in cases involving both traditional and electronic financial fraud. Through the establishment of these prosecution offices, the Public Prosecution is keen to support Public Prosecutors, who are experts in financial fraud crimes after completing specialized training programs in the field of investigation and prosecution pertaining to criminal methods and ways to track down the perpetrators and funds that are stolen through fraudulent means. The new decision comes as part of the Public Prosecution's keenness to expand work related to financial fraud and raise the efficiency of its investigation units affiliated with its financial wing. This is to realize the goal of specialized institutional work in combating financial crimes in addition to ensuring the involvement of relevant judicial authorities to achieve safety and stability for financial transactions and protect them from sinful criminal behavior, especially cross-border crimes.
