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The central bank “has strong systems in place to track flows and excellent relationships with major banks globally so any assets moved offshore could be frozen and returned if from corruption.” Some of the country’s wealthy are worried that shifting assets outside Saudi Arabia may draw suspicion and are instead focusing on their GCC holdings, two people with knowledge of the matter said.
The regulator asked to be informed of any accounts, deposits, investments, financial instruments, credit facilities, safe deposit boxes or financial transfers linked to the people, according to a circular seen by Bloomberg.
While efforts to curb corruption are welcome, the “speed and breadth of the crackdown has stirred fear among investors,” said Jason Tuvey, London-based Middle East economist at Capital Economics.
“There is a growing perception that governance is becoming increasingly arbitrary or at least less rule-based.” The central bank asked lenders in the kingdom to freeze the accounts of dozens of individuals who aren’t under arrest, as well as the assets of those being detained, people familiar with the matter said.
In addition, the United Arab Emirates central bank asked financial institutions to provide information on the accounts of 19 Saudi citizens, people familiar with the matter said on Thursday.
In October, a federal jury in Boston found that Present violated federal securities laws.