Stock crime police jailed
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Cairo: A Saudi court has sentenced three people to a total of 18 years in prison and fined them SR500,000 on charges of money laundering, a prosecution official source said.

The three – two Saudi men and an Arab expatriate – were convicted of money laundering.

Investigations disclosed that the two Saudis had opened registers for commercial entities and bank accounts, and allowed the third to deposit huge sums of money of illegal origin and transfer them to outside the kingdom.

Investigators also found out that the commercial entities were used to cover up transfers of the illegal money, the source said.

The court also ordered confiscation of a value of money equivalent to that used in the crime and its revenues.

The convicted expatriate will be deported from Saudi Arabia after he serves the term, according to the court verdict.