Riyadh, An official source of the Public Prosecution has stated that the Economic Crimes Prosecution’s investigations resulted in charging a gang consisting of a citizen and five expatriates of Arab nationalities with money laundering counts.
The investigation procedures revealed that the citizen had issued commercial registrations for several entities, opened bank accounts, and handed over the entities and accounts to residents, who in turn carried out large financial operations “financial deposits and international transfers” and by verifying the commercial entities and their customs transactions, it was found that there were no customs imports for them, and by cross-checking the source of funds, it was found that they were garnered from crimes and violations of regulations. The culprits involved were arrested and referred to the competent court on charges of money laundering that exceeded SR4,290,000,000.
The court’s verdict was issued containing proof of the charges against them, in addition to the confiscation of a similar value of the funds transferred abroad, the confiscation of the proceeds of crime from funds seized in bank accounts and commercial real estate, and financial fines amounting to SR200.000.000, and 10-year imprisonment for the citizen, and a travel ban for a period similar to his imprisonment, and sentencing the expatriates to terms amounting to 25 years and deporting them from the country after serving their sentences.
The source reiterated that the Public Prosecution is adamant about protecting the economy and financial assets and that it will not be lenient in demanding tougher punishment for those who dare to prejudice the country’s financial security.
Source: Saudi Press Agency