Saudi authorities have imposed a SR200 million fine and 10 years’ imprisonment on six people convicted of money laundering.
According to a report by an official at the Public Prosecution on Monday September 12, 2022, the investigations of Economic Crimes Prosecution was completed with the indictment of a gang of six comprising a Saudi and five Arab expatriates for their involvement in money laundering.
The Public Prosecution noted that the investigations showed that the Saudi had issued commercial registers for several entities and opened bank accounts.
The citizen handed the expatriates the commercial registers and the bank accounts, through which they made financial transactions and transferred huge sums abroad.
The Public Prosecution added that after investigating the entities and verifying their customs transactions, the officers found out that there were no imports registered in the customs records.
As for the sources of the funds, the Public Prosecution stated that it was generated through several crimes including violations of a number of laws.
The suspects were arrested and referred to the competent court with charges of laundering money exceeding SR4.2 billion.
Several rulings have been issued citing proof of the charges against the men. The court issued a judgment confiscating a similar value of the funds transferred abroad and seizing the proceeds of the crimes that remained frozen in the bank accounts and in the form of commercial real estate.
The men were also fined SR200 million. The Saudi was sentenced to 10 years in prison, in addition to a travel ban for a similar period.
The expatriates were sentenced to a total of 25 years in prison and deportation from the country after serving their sentences.
The official source confirmed that the Public Prosecution would not resist from demanding the toughest punishment for anyone who harms the Kingdom’s security.
