Saudi Arabia: SR2bn confiscated from money laundering convicts

Dubai: Saudi Arabia’s Public Prosecution has ordered the confiscation of 2 billion riyals from a Saudi man and an expatriate resident after they were convicted of money laundering, Saudi media reported.

The money laundering violations were uncovered by the Economic Crimes Prosecution after its investigations revealed the involvement of the Saudi and expatriate, who ran a banking business without a licence.

They were then referred to the competent court, which issued a preliminary ruling convicting them of money laundering and ordering the confiscation of 2 billion riyals from them.

They were found guilty of money laundering as investigations proved they had received cash from anonymous sources as a result of commercial concealment and narcotics trade.

The convicts carried out their illegal transactions under the cover of a commercial entity belonging to the Saudi man. Commercial entities that were found to be involved in the crime were fined 100 million riyals.

The Public Prosecution warned everyone from disrupting the economic and financial security system of the Kingdom and reiterated that it would not hesitate to implement the most severe penalties against violators.

The Kingdom’s prosecution reiterated that it would continue its efforts to work with the competent authorities to protect the Saudi economy.