Sunday, February 13, 2022
Jail term of 52 years was issued to a gang who practiced money laundering with 10 billion riyals - Public Prosecution
The Public Prosecution in Saudi Arabia said that investigations by the Economic Crimes Prosecution in the Public Prosecution revealed the involvement of an organized gang formation consisting of 11 people, "2 citizens and 9 expatriates", in committing money laundering crimes and violations of the anti-cover-up system by exploiting a number of commercial companies and their branches in receiving Transfer of funds of unknown origin from their bank accounts of totaling more than 10 billion riyals. Follow Saudi Expatriates on Instagram
The prosecution added that the investigations of the Public Prosecution ended with filing a public case against the perpetrators, and a preliminary ruling was issued by the competent court to imprison the accused for a total of 52 years, and fines amounting to 62,500,000 riyals.
- The ruling also includes, seizure of funds and assets of the investment portfolios that were seized, which amounted to their total 1,672,862 riyals, and expelling expatriates from the Kingdom after the expiry of their sentences, and preventing citizens from traveling for a period similar to their imprisonment. Trending : Penalty and jail term for money laundering in Saudi Arabia
- The official source at the Public Prosecution has resumed all the procedures for objecting to the ruling ordering an increase in the penalty against the perpetrators, in order to achieve the public interest in protecting the local economy and discouraging anyone who seeks to endanger financial security in banking transactions. Recommend : Penalty for begging in Saudi Arabia
