28 Saudis and expatriates jailed for money laundering
Authorities confiscated SR16 billion from the money laundering gang
Dubai: A Saudi court has sentenced 28 Saudi and expatriate men to various terms in prison for their involvement in money laundering activities.
The concerned authorities confiscated SR16 billion from the money laundering gang, while a travel ban has imposed on the convicted Saudis.
The convicted Saudis will not be allowed to traveling abroad after serving their jail terms, while the expatriates will be deported from the Kingdom immediately after serving their sentences.
According to the Saudi Anti-Money Laundering Law, money launderers subject to severe penalties, as conviction for this crime is subject to a fine of up to SR million and imprisonment for up to 15 years or both.
Under the law, a Saudi convicted of money laundering shall be banned from traveling outside Saudi Arabia for a period equal to his jail term. A non-Saudi convicted of money laundering shall be deported from the country after serving his sentence.
The penalty of the crime of money laundering may be reduced if the perpetrator reports the crime to the competent authorities before they find out, or has reported the perpetrators and his report leads to their arrest or seizure of funds, instrumentalities or proceeds of the crime.