Saudi Minister of Commerce and Investment, Majid Al Qasabi, invited the public and those interested to provide their feedback on the executive regulation of the Combating Commercial Concealment Law, out of the principle of participation and transparency adopted by the ministry, in line with Vision 2030.
The new regulations are aimed at providing an equitable and competitive commercial environment that ensures the protection of investors and enables entrepreneurs to practice their activities according to law, said the minister.
Feedback on the draft regulations will be received via the platform of the National Competitiveness Center until Jan. 28, 2021.
The Saudi Cabinet passed in August 2020 the new anti-concealment law, which includes aggravated penalties of five-year sentences and up to $1.33 million fines for violators.
The new law also stipulates proactive measures to prevent cover-up crimes, with rewards for those reporting cover-up cases of up to 30 percent of the total collected fine, following the final judgement.
