Saudi Arabia: 17 defendants were jailed and 2.5 billion riyals confiscated for money laundering offenses

An official source from the Saudi Public Prosecutor’s Office stated that specialist investigations have shown the commission of an organized criminal training (residents and citizens) that counts 17 people, the crimes of cover-up and money laundering, with the contribution of male and female citizens in this regard, to extort commercial acts, open bank accounts and deliver them cashier cards to the accused. Others are “of Arab nationality” in exchange of a monthly salary, as they deposited sums of money obtained illegally in those bank accounts, and then they transferred them out of the country.

The source explained that the work of the Public Prosecutor’s Office by the specialized team in economic crimes culminated with the preliminary ruling by the competent court, condemning the accused according to what is attributed to them, and punishing them with imprisonment for different periods, totaling 91 years.

Furthermore, the value of the money on which the laundering operations were carried out was seized, which exceeded 1,745 billion riyals.

The seized money was seized in possession of the accused, “the proceeds of the crime of money laundering” amounting to approximately 1.8 million riyals, and the confiscation of funds seized from the bank accounts of commercial entities for an amount of 1.6 million riyal.

It imposed fines of 800.6 million riyals, confiscating the proceeds of crime (vehicles and electronic devices), preventing the defendants (citizens) from traveling for a similar period to their imprisonment, expelling the defendants (residents) from the country after the end of their convictions, liquidation and cancellation of commercial activities.

The source affirmed the constant and continuous effort of the Prosecutor’s office to fight financial crime in all its forms and types, and its firm determination to document how to preserve the country’s earnings and economy, and will not hesitate to initiate a severe criminal case against those who attempt to commit financial crimes or compromise force of the economic security of the Kingdom.

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