The Public Funds Court of First Instance in Aden Governorate issued a ruling on Sunday morning, 1/28/2024 AD, convicting the Commercial Bank of Yemen of failing to comply with the provisions of the Money Laundering and Terrorist Financing Law.

The court, which held its public session under the chairmanship of Judge Dr. Sami Ahmed Muhammad Baabad, in the presence of Judge Maher Hitler, member of the Anti-Corruption Prosecution, and Secretary Hana Muhammad Ahmed Dabban, ruled to convict the Commercial Bank of Yemen after proving the fact of failure to comply with the articles of the Anti-Money Laundering and Financing Law. Terrorism, and failure to provide the Financial Information Collection Unit at the Central Bank of Yemen with all the data and information required of it. The ruling was as follows:

First: Convicting the Commercial Bank of Yemen of failing to comply with the articles of the Anti-Money Laundering and Combating the Financing of Terrorism Law attributed to it in the indictment, and punishing it for that with a fine of two million riyals to be paid to the state treasury.

Second: Obligating the convict above - the Commercial Bank of Yemen - to carry out the legal duties stipulated in the Money Laundering and Terrorist Financing Law, and he must immediately provide the Financial Information Collection Unit at the Central Bank of Yemen with all the data and information required of him. The court authorizes the Central Bank of Yemen in the event of its failure to do so within One month from the date of pronouncement of the ruling, he has the authority to cancel the license granted to him and prevent him from practicing his activity.

Third: Obligating the above-convicted person to pay litigation losses of one hundred thousand riyals to be paid to the legal representative of the Financial Information Collection Unit at the Central Bank of Yemen.

Fourth: The right to appeal is legally guaranteed within fifteen days from the date of pronouncement of the ruling.

Fifth: Return the case file to the Public Prosecution to act in accordance with the law.