As reported in a Financial Times article (March 8, 2004), Saudi Arabia "has now put in place world class laws and regulations to combat the financing of terrorism."
Saudi Arabia has enacted strict regulations for Saudi-based charities that "probably go further than any country in the world," according to an official involved in the assessment. A senior U.S. official commended the Kingdom on the crackdown of illegal donations, telling the Financial Times, "this was an issue of high-level attention in the Saudi government."
In its efforts to confront terrorism, Saudi Arabia has banned the transfer of Saudi-based giving abroad without prior approval by the Foreign Ministry and has initiated new reporting requirements to prevent any money from reaching terrorist groups.
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Saudi forms new charity oversight commission
http://saudiembassy.net/2004News/News/TerDetail.asp?cIndex=1690