Cabinet authorizes SOCPA to license several professions

A Cabinet session

The Saudi Cabinet, in a session chaired by Crown Prince Mohammed bin Salman, approved the transfer of the powers to issue licenses for the following professions: accounting and auditing, financial consulting for non-securities, providing Zakat and tax services, and providing accounting services, from the Ministry of Commerce to the Saudi Organization for Chartered and Professional Accountants (SOCPA).

The Cabinet also amended a number of articles of the Accounting and Auditing Profession Law, and the SOCPA regulation.

Moreover, the Cabinet approved the inclusion of the Insurance Authority in the membership of the Permanent Committee for Combating Money Laundering.