Saudi Arabia's cabniet yesterday approved a new law for combating money laundering, which will also help fight funding of terrorism and terror organizations, a report said.

The Cabinet meeting was chaired by Custodian of the Two Holy Mosques King Abdullah, said the Arab News report.

“Rules related to the crimes of financing terrorism, terrorist acts and terror organizations specified in the anti-money laundering law will continue to be applied until the issuance of a new law to combat such crimes,” Culture and Information Minister Abdul Aziz Khoja was quoted as saying in the Arab News report.