No large money transfers abroad post-corruption purge: SAMA

Saudi Arabia has not seen any large outflows of money as a result of the anti-corruption crackdown that was announced two weeks ago, Ahmed Alkholifey, governor of the Saudi Arabian Monetary Authority (SAMA), told CNBC Arabia.

“We see an increase [in money transfers abroad], but it is not large,” the central bank chief said, adding that the funds being transferred overseas are from companies, not individuals.

Saudi Arabia detained several princes, business executives, and high-ranking officials earlier this month in a sweeping crackdown against corruption.

The Kingdom’s Attorney General on Nov. 9 said 208 people had been called in for questioning by the recently formed anti-corruption committee, adding that an estimated $100 billion in public funds had been stolen.

Meanwhile, SAMA has stated that only the personal bank accounts of those involved in the probe have been frozen; company bank accounts remain unaffected.