SAUDI ARABIA

18 years of jail and fines of SR 500,000 for 3 money laundering convicts

December 01, 2022

Okaz/Saudi Gazette

RIYADH — A Saudi court sentenced two Saudis and an Arab national to 18 years in prison and fines amounting to SR500,000 after their conviction in money laundering, the Public Prosecution announced.

The court also ordered the confiscation of similar value of money involved in the crime as well as the proceeds thereof, and the deportation of the expatriate after serving his jail term and payment of the fines.

An official source at the Public Prosecution stated that the investigations, carried out by its Economic Crimes wing, led to the indictment of the three persons involved in money laundering. It was revealed in investigations that the two Saudis opened registration for commercial entities, opened bank accounts for these entities, and handed them over to the expatriate so as to enable him to undertake transactions in the name of these entities.

It was revealed in financial investigations carried out on the accounts of the defendants and commercial entities that the expatriate had deposited large amounts of money in the accounts and then transferred them outside Saudi Arabia. When verifying the source of the funds, it was found that they were of illegal origin. The accused concealed its truth and made it appear as if it was a legitimate source.

The defendants were arrested and were subjected to trial procedures before the competent court, which finally issued the verdict. The court found that commercial entities were a cover for transferring funds of unknown origin outside the Kingdom.


December 01, 2022
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