Saudi Gazette report

RIYADH — An official source at the Public Prosecution announced on Sunday the conviction of six defendants in money laundering cases.

Judicial verdicts were issued against them, awarding jail terms totaling 31 years and slapping fines, amounting to more than SR152 million.

The fines represent the equivalent value of illegal funds that the convicts smuggled out of the Kingdom. The court rulings also included a travel ban on the convicted citizens for a period similar to their jail terms and deportation of the expatriate convicts after serving their prison term.

Some citizens, who are owners of commercial entities such as furniture upholstery and flower business as well as fake establishments, and a number of expatriates were involved in money laundering transactions.

The Public Prosecution source said that the investigations had proved that these citizens allowed the expatriates to use their bank accounts, in return for a monthly fee of SR10,000, to be a cover in transferring their illegal funds to outside the Kingdom, and this was under the pretext of practicing bogus commercial activities that are considered as a criminal act according to article two of the Anti-Money Laundering Law.

The source noted that the Public Prosecution has been exerting concerted efforts, in coordination with the relevant government bodies and agencies such as the Ministry of Commerce, the Zakat, Tax and Customs Authority, and the Saudi Central Bank, in order to achieve the desired results in combatting all money-related crimes.

It also stressed that the Public Prosecution will plead to award severe penalties against those who involve in activities that are harmful to the Kingdom’s financial and economic security.