Saudi Arabia: Two jailed for money laundering and commercial fraud
Criminal court sentences pair to 9 years in jail, confiscates SR 28 million
Dubai: The Jeddah Criminal Court has sentenced a business owner and an employee to a total of nine years in jail and confiscation of 28 million riyals on charges of money laundering and violating anti-business licensing fraud law.
The Saudi Financial Investigation Unit received a report from a local bank suspecting a commercial establishment’s bank account. After coordinating with the General Customs Authority to identify the establishment’s volume of imports, investigation showed indications of money laundering.
The unit found that the establishment used its account as a broker to collect funds from a number of expatriate residents and commercial firms and then transfer them to establishments in the Kingdom and abroad.
The Department of Financial Crime at the Public Prosecution carried out further investigation revealing the involvement of the establishment’s owner and the employee in the crimes of business licensing fraud and money laundering.