Saudi Gazette report

RIYADH – The Public Prosecution announced that five citizens obtained seven commercial registers to import foodstuffs, opened bank accounts and handed them over to 16 residents of Arab nationality, with the aim of using the accounts to deposit illegal amounts of money from the source and transfer them abroad in return for a monthly amount for the citizens.

The Public Prosecution investigations concluded that the abovementioned persons were charged with money laundering, including the possession of and transfer of illegal funds.

The verdict of the competent court was issued, which included imprisonment for periods totaling 106 years, a fine of SR1.080 million, confiscation of the seized funds amounting to SR5 million, and sums withheld in bank accounts close to SR2 million.

The ruling included the confiscation of a similar value of funds transferred abroad, which exceeded SR465 million, imposing a travel ban on the accused Saudis, and the deportation of the accused expatriates from the Kingdom after the expiration of the penalty.

Work is under way to prepare a mandate to recover the funds from the countries to which they have been transferred. The Public Prosecution called on citizens and residents to realize the danger of enabling others to exploit their bank accounts and commercial registers, and the prejudice to financial and economic security, stressing its demand for the severest penalties for those who were lenient in this regard.