Saudi Gazette report

RIYADH — Seven persons were sentenced to varying jail terms after their conviction of money laundering worth over SR1 billion. The convicts included six Saudis and one Arab resident, and some of them were awarded with a maximum jail term of 13 years, according to the Public Prosecution.

The specialized court also ruled to slap on them fines as well as to confiscate the seized cash and the means used in the money laundering crime.

The Economic Crimes wing at the Public Prosecution referred the case to the specialized court after completing its investigations into the money laundering crimes of the seven-member gang. It was revealed in investigations that the citizens opened commercial registrations for their entities, opened bank accounts in the name of the registered establishments, and handed them over to the Arab national who exploited the accounts with the aim of collecting funds of unknown origin, depositing them in the entities’ accounts to give them legitimacy, and transferring the money to outside the Kingdom.

The money that was laundered amounted to SR1035197000. While verifying the source of the money it was found that it was collected through crimes and violations of a number of regulations. The International Cooperation wing at the Public Prosecution initiated judicial procedures to track the money and its recipients and take the necessary legal measures regarding it.

The Public Prosecution reiterated its determination to ensure protection of commercial operations in the Kingdom from all forms of crime, and that anyone who dares to harm the Kingdom’s economic security will be referred to court with a demand to award severe penalties against the culprits.