Phase 1 Peer Review Report Summary: Saudi Arabia

 

The legal and regulatory framework in Saudi Arabia generally ensures that ownership, accounting and banking information is available for all relevant entities and arrangements. Saudi Arabia’s competent authority for EOI purposes has the power to obtain all types of information from any person in Saudi Arabia, but can currently only fully use this power under 10 of its 30 EOI agreements. In addition, the means to compel the production of information are not very well adapted to obtaining information for EOI purposes as no specific penalties apply. The report recommends improvements in the EOI network to ensure Saudi Arabia has agreements to the standard with all relevant partners and to enact appropriate legislation to give effect to these agreements in all cases. Saudi Arabia’s response to the recommendations in this report as well as the practical implementation of the international standard will be considered in the Phase 2 peer Review of Saudi Arabia, which is scheduled for the first half of 2015. For further information on Saudi Arabia's exchange of information practices and to read the full report click here