Saudi Arabia: 52 years in prison for 11 people for money laundering
Today, Sunday, the Saudi Public Prosecution revealed the formation of a gang consisting of 11 people who committed the crime of money laundering and violating the anti-cover-up system by exploiting a number of entities, and they were sentenced to 52 years in prison.
The newspaper "Al-Riyadh Online" quoted an official source in the Public Prosecution as saying that "the investigations of the Economic Crimes Prosecution in the Public Prosecution revealed the involvement of an organized gang formation consisting of 11 defendants (two Saudis and nine expatriates), in committing money laundering crimes and violations of the anti-cover-up system by exploiting A number of commercial entities and their subsidiaries receive and transfer funds of unknown origin from their bank accounts totaling more than 10 billion riyals.
The source added that the investigations of the Public Prosecution ended with filing a public case against the perpetrators, pointing to the issuance of a preliminary ruling by the competent court to imprison the accused for a total of 52 years, fines amounting to 62.5 million riyals, and confiscation of funds and assets of the seized investment portfolios, which totaled 1,672 thousand and 862 riyals, expelling expatriates from the Kingdom after the expiry of their sentences, and preventing citizens from traveling for a period similar to their imprisonment.
The source pointed out that the Public Prosecution resumed the procedures for objecting to the ruling, requesting an increase in the penalty against the perpetrators, in order to achieve the public interest in protecting the local economy and deterring anyone who seeks to jeopardize financial security in banking transactions.
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