According to the Public Prosecution, a Saudi court sentenced two Saudis and an Arab to 18 years in jail and penalties totaling SR500,000 after finding them guilty of money laundering. The expatriate was ordered deported after serving his jail term and paying the penalties, as well as having equivalent worth of money engaged in the crime and its revenues confiscated.
The three people accused of participating in money laundering were indicted as a result of the investigations conducted by the Public Prosecution’s Economic Crimes division, according to an official source. Investigations revealed that the two Saudis registered businesses, opened bank accounts for them, and gave the expat control of these accounts so he could conduct business in the names of these organizations.
Financial investigations on the defendants’ and business entities’ accounts turned up evidence that the expatriate had deposited sizable sums of money before transferring them outside of Saudi Arabia. The funds’ illegal origin was discovered when the source of the funds was confirmed. The accused disguised its truth and presented it as coming from a reliable source.
The defendants were detained and put through the proper legal channels before the competent court, which then rendered its decision. The court concluded that business entities served as a front for the transfer of funds with an unidentified source outside of the Kingdom.
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