DUBAI: Just weeks ahead of the international conference “Sanctions, AML and CFT for Banking and Finance in the Kingdom of Saudi Arabia,” to be held in Riyadh on Oct. 21–22, 2025, French Senator Nathalie Goulet, in an interview with Arab News en français, praised Saudi Arabia’s ambition and commitment to combating money laundering and financial crime.
“Saudi Arabia was an early leader in the ‘No Money for Terror’ initiative. The country is capable, and above all, it has a strong leader and a clear vision,” the senator stated.
A firm political will
For Nathalie Goulet, the Kingdom’s transformation is undeniable.
“From the moment Crown Prince Mohammed bin Salman came to power, he addressed corruption issues head-on. He instilled a new political direction and determination,” she said.
This transformation is aligned with the Kingdom’s rapid opening, notably under Vision 2030, and is part of a broader effort to enhance the business climate and attract foreign investment within a stable legal and financial framework.
“Things are moving quickly — but ultimately, it’s a matter of political will. And in Saudi Arabia, that will is very clear,” she added.
Riyadh: The next regional hub for compliance
The event in October will gather regulators, bankers, legal experts, and compliance professionals from around the world. For Goulet, it represents a pivotal moment: “What I’m hoping for are concrete exchanges of best practices. Because sometimes it’s not the laws that change things — it’s the daily interactions between professionals.”
The French senator will speak about financial transparency and international cooperation.
Tangible progress and stronger regional cooperation
Following her recent participation in the “Fighting Financial Crime” summit in Abu Dhabi on Sept. 10–11, Goulet commended the efforts of the UAE, which was recently removed from the Financial Action Task Force gray list.
“There’s genuine commitment at the highest level. And that determination is contagious. We’re also seeing strong Saudi involvement — for example, through Nazaha, the anti-corruption authority.”
For Goulet, a regional dynamic is clearly underway: more extraditions, greater respect for judicial cooperation frameworks, and the rising capabilities of local authorities.
Fragmented responses for a global issue
Despite this progress, the senator remains concerned: Between 2 and 5 percent of global gross domestic product is estimated to be generated from money laundering, yet only 1 to 2 percent of those funds are ever recovered.
“That’s billions forgone that could finance schools, hospitals, and infrastructure — an enormous shortfall for citizens.”
In addition to the extensive use of unregulated crypto-assets and migrant trafficking, Goulet warns about increasingly inventive techniques used by criminal networks: gold smuggled under the guise of coffee and tampered banana shipments.
Challenges in the Middle East
The Middle East is not exempt from these shifts. Goulet highlights several worrying trends: gold trafficking, unrestrained use of crypto-assets, and massive counterfeiting.
“Counterfeiting isn’t just fake handbags. It includes fake medicine, defective spare parts, and illicit tobacco. The global cost is estimated at $650 billion per year.” (EU Intellectual Property Office, 2022)
She stresses the need to improve traceability — even across informal networks such as money transfer systems and certain digital platforms.
Cooperation and upskilling at the heart of the response
To tackle these threats, Goulet calls for stronger multilateral action: targeted training, information sharing, international benchmarking, and the adoption of new technologies.
“We need to upskill judges, customs officers, and regulators. But we also need to strengthen cross-border cooperation and exchange best practices.”
She also highlights the critical role of artificial intelligence in detecting suspicious transactions and calls for the creation of research fellowships on crypto-assets and their mechanisms.
Saudi Arabia: Toward a structuring role in the international system
As Saudi Arabia increasingly positions itself as a regional financial hub, questions are emerging about its future role within global bodies like FATF.
“The Kingdom has the means, the ambition, and the will. It already applies the rules, cooperates effectively, and leads by example.”
The recent appointment of an Emirati official as head of Interpol, Maj. Gen. Ahmed Naser Al-Raisi, she adds, also reflects the region’s growing influence in global security governance.
A global fight for citizens
According to Goulet, this fight transcends national borders and financial institutions — and must remain a top priority, amid economic turbulence.
“Precisely because the economic climate is difficult, we cannot allow public money to slip through the cracks. Crime diverts public resources. This is a fight for citizens — for schools, for hospitals,” the senator said.
Riyadh will mark a new chapter. For Goulet, every conference, every professional exchange, and every regulatory or technological breakthrough contributes to building a healthier, fairer economy.
Next stop: Riyadh — Oct. 21-22, 2025
Conference: Sanctions, AML and CFT for Banking and Finance in the Kingdom of Saudi Arabia, with the participation of French Senator Nathalie Goulet
Registration link: https://nielsonsmith.com/events/sanctions-compliance-aml-ctf-for-banking-finance-conference-26-27-november-riyadh-ksa/
• This article also appears on Arab News en français
