Abstract
The purpose of this article was to look into Saudi anti-fraud legislation and regulations in order to see how consistent the Kingdom's legal system, which is predominantly found on Islamic principles, is with a wide range of criminal and economic infractions. The main laws relating to fraud were described, and numerous types of fraud were examined, in order to attain this purpose. The discourse also necessitated an examination of the Islamic perspective on deception and fraud. The analysis revealed that Shariah law, which is concerned with property protection, incriminates and punishes individuals who obtain wealth by illegal methods, the nature of the sanctions, however, is left to the discretion of rulers and judges. Based on this, Saudi legislators have enacted a set of anti-fraud measures. These laws were examined to see how well they addressed economic crimes in the Kingdom. Anti-fraud legislation establishes a legal and regulatory framework compatible with Islamic Shariah for dealing with fraud and economic crimes, with the goal of protecting the public interest, maintaining integrity, and regulating the Kingdom's economy. The primary goal of this study is to explore the challenges and risks associated with enforcing anti-fraud laws in the context of Islamic justice principles. In this study, a descriptive research design was adopted. The key objective of this study is to determine the nature of the problem and analyze the evidence collected. Because of the lack of secondary data and the rigorous restrictions governing the reporting of fraud incidents in Saudi Arabian financial institutions. The study's hypotheses could not be tested substantively because all assumptions concerning the research findings are far-fetched.
Highlights
The analysis revealed that Shariah law, which is concerned with property protection, incriminates and punishes individuals who obtain wealth by illegal methods, the nature of the sanctions, is left to the discretion of rulers and judges
The moment we think of the Kingdom of Saudi Arabia, the images emerge of a country with severe punishments and many strict restrictions come to mind, making it difficult for anybody to imagine fraud and white-collar crimes
The research findings are harder to find due to a lack of original records and court case results. This investigation looks examined anti-fraud legislation in Saudi Arabia's legal system, where Islamic Sharia is the fundamental basis of law, and all other supplemental Saudi government laws are formally called regulations
Summary
The moment we think of the Kingdom of Saudi Arabia, the images emerge of a country with severe punishments and many strict restrictions come to mind, making it difficult for anybody to imagine fraud and white-collar crimes. Converse with this popular notion, we would be astonished to realize that Saudi Arabia is no exception to the rule. Fraud has taken on a new dimension as fraudsters penetrate the world, employing a variety of methods and approaches to ‘earn' money while exploiting individuals, businesses, and society as a whole [1]. The antifraud profession's response to prevention and deterrence is synonymous with the establishment of controls based on individual features of measures, constructs, and combinations of threats [3]
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