Saudi Arabia jails 11 people for money laundering $2.7 bln

RIYADH: Saudi Arabia said Sunday it has jailed a number of individuals on charges of money laundering worth $2.6 billion, according to state-run El-Ekhbariya TV quoting a prosecution statement.

The statement said two Saudi citizens and nine expats are involved in the money laundering.

The defendants will be imprisoned for a total of 52 years, it added, noting that fines will be imposed, funds and assets from seized investment portfolios will be confiscated.