ALRAQABA . ISSUE 20 35 proceeds of a crime or funds linked to or related to it or that can be used to carry out money laundering or terrorist financing operations. 5. Capital Markets Authority (CMA): CMA is concerned with the supervision of investment companies, securities trading companies, financial brokerage companies, insurers, asset managers, mutual funds, and custodians. 6. The State Audit Bureau (SAB): The primary objective of SAB is to achieve effective control over public funds to preserve them, prevent tampering with them, and ensure that they are used optimally for the purposes for which they were allocated. Through the exercise of its oversight work, SAB has focused on creating a complete conviction among its auditees that it does not originally aim to catch errors and detect violations but rather aims primarily to achieve a public interest, which is the preservation and optimal use of public funds in the aspects to which they are allocated. By cooperating and exchanging ideas with its auditees, SAB has managed to regulate the financial and accounting work of such entities and develop appropriate solutions to achieve this ultimate goal. 7. Financial Controllers Bureau: It is an independent body affiliated with the Minister of Finance, established under Law No. 23 of 2015. All ministries, government departments, and entities with attached and independent budgets are subject to the control of the Bureau. It aims to achieve effective pre-audit over the financial performance of the State, ensure transparency and integrity in the overall financial performance, enhance credibility and confidence in the public financial procedures, and ensure conformity of financial performance to the laws, provisions, and regulations. It also provides the necessary advice and guidance for the financial affairs of the entities subject to its control and follows up the general collection of state revenues. 8. The National Anti-Money Laundering Committee: Within the framework of the provisions of Article 24 of Law 106, which relates to national cooperation and coordination in the field of developing and implementing policies and activities to combat money laundering, financing of terrorism, and proliferation of weapons of mass destruction, the amended Article 19 of the Executive Regulations stipulates that a committee called the “National AntiMoney Laundering and Terrorist Financing Committee” shall be established. This committee was formed to develop and implement national strategies to combat the crimes of money laundering, the financing of terrorism, and the financing of activities related to weapons of mass destruction at the national level. Additionally, it was formed to ensure the existence of effective mechanisms for local cooperation and coordination between the competent authorities in developing and implementing the anti-corruption policies and activities. It aims at keeping pace with global developments in this area- including international AML/CFT-related standards, treaties, and conventions. Moreover, the committee makes relevant recommendations on the development of general policies and guidelines, and propose appropriate amendments to existing legislation. Perspective Audit
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