Saudi Arabia: 2 men sentenced to 3 years in prison and SR 6 million for money laundering



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Abu Dhabi: Two men, a Saudi and a resident, were jailed for three years each and fined SR 6 million after being convicted of money laundering, a Saudi criminal court ruled.

The Saudi convict was also banned from traveling for another three years, while the resident will be deported to his home country after serving his sentence, the prosecution said in a statement.

The duo were found guilty of collecting and transferring money of unknown origin outside the kingdom.

They were involved in transferring the money through the bank accounts of a business entity owned by the Saudi citizen who had authorized the other convict to use the accounts as cover for their financial transactions.

An official source from the public prosecutor’s office explained that the citizen had agreed with a foreign person to allow him to access his bank accounts in exchange for a monthly sum of money.

Thus, the citizen created a commercial entity and opened bank accounts, with the aim of deceiving the regulatory authorities into believing that it was a commercial activity.

Then the citizen handed over the bank accounts to the foreigner who had collected the money illegally, deposited it in these accounts and transferred it abroad.

An investigation proved that the business entity had no real activity in the field.

The court ordered the confiscation of 6 million riyals, a similar value of funds smuggled abroad, and the smuggled funds are being recovered by the Department of International Cooperation of the prosecution, the source said.

The source stressed the danger of allowing others to exploit private bank accounts to transfer funds illegally, indicating that the prosecution will continue to fight all financial crimes and demand the most severe and dissuasive penalties that ensure the security of the nation.



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