Saudi Arabia: Five jailed for 20 years, fined SR500,000 for money laundering
Court orders deportation of expatriates after serving their jail terms
Dubai: A Saudi man and four Arab expatriate men were sentenced to 20 years in prison and slapped with fines of SR500,000 after being convicted in money laundering, local media reported.
The sentence was issued by a Saudi Court in Riyadh after it found them guilty of involving in money laundering activities.
The court also ordered the confiscation of similar value of money involved in the crime and the deportation of the four expatriates after serving their jail terms and payment of fines.
The men were arrested after investigations, carried out by the Public Prosecution’s Economic Crimes Unit, led to the indictment of the five involved in money laundering.
The investigations revealed that the Saudi man opened registration for commercial entities, opened bank accounts for these entities, and handed them over to the Arab expatriates to enable them to undertake transactions in the name of these entities.
It was found that they deposited large amounts of money in the accounts and then transferred them outside the Kingdom.