106 years jail for $124m money laundering gang in Saudi
RIYADH – The Public Prosecution announced that five citizens obtained seven commercial registers to import foodstuffs, opened bank accounts and handed them over to 16 residents of Arab nationality, with the aim of using the accounts to deposit illegal amounts of money from the source and transfer them abroad in return for a monthly amount for the citizens.
The Public Prosecution investigations concluded that the
abovementioned persons were charged with money laundering, including the
possession of and transfer of illegal funds.
The verdict of the competent court was issued, which
included imprisonment for periods totaling 106 years, a fine of SR1.080
million, confiscation of the seized funds amounting to SR5 million, and sums
withheld in bank accounts close to SR2 million.
The ruling included the confiscation of a similar value of
funds transferred abroad, which exceeded SR465 million, imposing a travel ban
on the accused Saudis, and the deportation of the accused expatriates from the
Kingdom after the expiration of the penalty.
Work is under way to prepare a mandate to recover the funds
from the countries to which they have been transferred. The Public Prosecution
called on citizens and residents to realize the danger of enabling others to
exploit their bank accounts and commercial registers, and the prejudice to
financial and economic security, stressing its demand for the severest
penalties for those who were lenient in this regard.
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