Saudi Arabia to crackdown on benami business
Synopsis
As many as 457 benami cases were registered in the country last year.
The Kingdom of Saudi Arabia is planning a crackdown on benami businesses. As a first step, the kingdom will increase cashless transactions.
Saudi Commerce and Investment Ministry hopes to control benami business by introducing a slew of measures including mandatory bank accounts for all business establishments. Bills would also be made compulsory for all purchases. Besides this, shops and other establishments will have to keep a registry of things sold.
The new regulations will be applicable to small and big businesses. The ministry is also planning to go cashless in collaboration with other departments.
As per an estimation by the Saudi authorities, retail segment is the most affected by benami deals. As many as 457 benami cases were registered in the country last year.