New Saudi rule to limit expats' remittances within income

Web Report
Filed on August 1, 2016 | Last updated on August 1, 2016 at 07.27 am
New Saudi rule to limit expats remittances within income

(KT file photo)

The rule aims to curb illegal income of expatriates.

Saudi Arabia is planning to launch a new mechanism that would limit remittances within the senders' incomes.

Hailed as the first of its kind project, the Finance Ministry, Saudi Arabian Monetary Agency and other relevant bodies are working on it, Arab News reported.

The new mechanism would compare remittances with the senders' incomes and aims to control the transfers as authorities detected that thousands of foreign workers transfer amounts that exceed their incomes.

These incomes are suspected to be the result of concealed, even criminal, actions, said sources.

The new regulation will be launched soon and will contribute to limiting the increase of illegal income of expatriates.

Read the full story here.

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