The new Anti-Commercial Concealment Law stresses that every government authority, issues licenses to third parties to practice any economic or trade activities, should follow up such parties and inform the Ministry of Commerce about any suspected cases relevant to the commercial concealment. This is in accordance with the provisions of the aforementioned law.
The new Anti-Commercial Concealment Law contains provisions that ask and emphasize on monitoring and following up all economic or trade activities, which need getting approvals or licenses from the competent government authorities.
The aforementioned law stated that the control procedures and follow-up on the suspected cases of cover-up is not limited to the commercial activities, but includes as well all the investment activities, services, professional, industrial and agricultural activities and so on.
Notably, the new law for combating the commercial concealment, which was approved by the Council of Ministers yesterday, has enabled the relevant government authorities to monitor and control any crimes and violations relevant to the commercial concealment, in cooperation and along with the Ministry of Commerce.
The new law has also granted the concerned authorities the power to use technology to prove the crimes and violations of the commercial concealment through the "Electronic Evidences" in addition to other methods of proof.
The new Anti-Commercial Concealment Law has approved new mechanisms that contribute to eliminate the sources of cover-up, besides eliminating as well the shadow economy. The new law includes heavy penalties, such as five-year imprisonment, a fine of up to five million riyals, the seizure and confiscation of the illegal funds of the violators after issuing the final ruling by the court, closing the facility, liquidating the trade activity, writing off the commercial registration, preventing the convicted person from practicing any economic or trade activity for a period of five years, also deporting the convicted expat from the Kingdom and not to be allowed to return for work.