The Ministry of Commerce and Investment calls on those concerned and the public to express their views and suggestions on the Anti-Commercial Concealment Proposal before the deadline, specified by the Ministry earlier; which is on 30 Shawwal 1440, corresponding to 3 July 2019.
This is based on the principle of transparency, participation and the Ministry's desire to involve the private sector, those interested and the public in the preparation of draft regulations, as well as the commercial and investment legislation in the Kingdom.
The Anti-Commercial Concealment proposal aims to protect investors, individuals and the community by combating such harmful practices and eradicating the phenomenon of commercial cover-up. This is besides supporting the small and medium enterprises through overcoming the challenges caused by commercial concealment. This proposal aims as well to protect consumers against any harmful practices resulted through providing poor or sub-standard goods and services, which are not in compliance with the approved standard specifications.
The said proposal includes new policies to combat the phenomenon of commercial concealment, including increasing the penalties and fines for committing such prohibited acts, besides considering these practices as a crime. The said proposal includes mitigation and exemption from punishment for those who come by themselves and report about such illegal practices, besides developing mechanisms for protecting the informers and witnesses.
Among the most important provisions of the said proposal are deterrent penalties to be imposed by the Ministry, as well as the penalties imposed against the crimes of commercial concealment have been maximized to include five-year imprisonment and five-million-riyal fine, besides prohibiting the Saudi defendant from practicing the trade activity for five years, also deporting the convicted non-Saudi from the Kingdom.
The Ministry of Commerce and Investment calls on those interested and the public to participate and express their views and opinions as per the form specified for that purpose.
(ACL@mci.gov.sa).
You can have a look on the said proposal and the relevant form by having access through the following link:
Click here.