Money Laundering: Saudi court sentences five to 20 years in prison, convicts pay SR 500,000 fines
A Saudi court has sentenced one Saudi and four Arab nationals to 20 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 five persons involved in money laundering.
It was revealed in investigations that the Saudi citizen 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.
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