Saudi Gazette report

RIYADH — The Saudi competent court issued a prison sentence and financial fines against a citizen and an Arab expatriate after they were found guilty of the charges attributed to them of their involvement in the crimes of money laundering and commercial concealment, an official source at the Public Prosecution has announced.

This came after the Economic Crimes Prosecution completed the investigations and charged the defendants.

The investigations revealed that the citizen had enabled the expat to practice the commercial activity and work for his own account in the activity of medical supplies in exchange for a monthly wage.

The citizen had also enabled the expatriate to buy and sell medicines from companies, contract with government agencies, negotiate with real estate owners, in addition to deposit and transfer funds to companies.

The investigation stated that the expatriate had deposited more than SR7 million, then transferred it outside Saudi Arabia.

While inspecting the commercial entities, the investigation procedures found out that the proceeds of the money laundering’s crime amounting to SR6 million, 5 credit cards, 5 seals for the commercial entity, 2 checkbooks, in addition to 9 signed blank checks.

The Public Prosecution referred the two defendants to the competent court, which issued a 4-year prison sentence for each one of them, and fines totaling SR6 million.

The court also issued a ruling to confiscate a similar value of money on which the crime was committed and its proceeds, in addition to deporting the expatriate from Saudi Arabia after the end of his sentence.

The source stressed that the Public Prosecution is continuing to protect the Kingdom’s economy, indicating that it will not be lenient in demanding that the penalty be increased against anyone who tries to harm the economic security of Saudi Arabia.