Financial Disclosure Affidavit Template for Saudi Arabia

A Financial Disclosure Affidavit is a legally binding document that requires you to provide a complete and truthful account of your financial position under oath. In Saudi Arabia, this document serves as a critical tool for ensuring transparency in financial matters, regulatory compliance, and supporting various legal and business proceedings. The affidavit must be prepared in accordance with Saudi Arabian civil law while respecting Sharia principles, making it a unique legal instrument that balances modern regulatory requirements with Islamic legal traditions.

When do you need this document?

You'll need a Financial Disclosure Affidavit in several important situations throughout your business and personal life in Saudi Arabia. Courts frequently require this document during divorce proceedings, inheritance disputes, or civil litigation involving financial matters. If you're involved in major business transactions, mergers, or acquisitions, regulatory bodies like SAMA or the Capital Market Authority may mandate comprehensive financial disclosure. The document is also essential when applying for significant banking facilities, seeking investment licenses, or participating in public offerings. Corporate board members and senior executives often must file these affidavits to comply with corporate governance requirements, while individuals facing regulatory investigations or audits use them to demonstrate transparency and cooperation with authorities.

Key legal considerations

Your Financial Disclosure Affidavit must include several critical components to ensure legal validity and compliance. The affiant information section requires your complete legal identification, including national ID or Iqama number, current address, and contact details. You must clearly state the purpose for your disclosure and include a formal oath declaring the truthfulness of all information provided. The income sources section demands detailed listing of employment income, business interests, investment returns, and any other revenue streams. Your asset declaration must cover real estate, vehicles, bank accounts, securities, and valuable personal property, while the liabilities section should include all debts, mortgages, and financial obligations. Remember that providing false information in a sworn affidavit constitutes perjury under Saudi law and can result in serious legal consequences.

Legal requirements in Saudi Arabia

Saudi Arabian law imposes specific requirements that distinguish your Financial Disclosure Affidavit from similar documents in other jurisdictions. The Anti-Money Laundering Law requires you to declare the sources of all funds and explain any significant transactions that might appear suspicious. Under the Banking Control Law, you must disclose all banking relationships and significant financial dealings with regulated institutions. The Capital Market Law mandates additional disclosures if you're involved in securities trading or investment activities. Your affidavit must be notarized by a licensed notary public and may require authentication by relevant government authorities depending on its intended use. SAMA Rules provide specific guidelines for financial institutions requiring these affidavits, including formatting requirements and mandatory supporting documentation. The document must be prepared in Arabic or include certified Arabic translations, and all supporting documents must meet Saudi authentication standards.