Saudi riyals. Image Credit: Reuters

Abu Dhabi: Saudi Cabinet on Tuesday approved raising the penalty for violating the Finance Companies Law to not more than SR2 million, the Saudi Press Agency reported.

Following the amendment, the penalty is SR2 million, or 10 per cent of the value of finance to which the violation was carried out, or imprisonment for a period of not more than two years, or one of those two penalties.

Previously, the fine was maximum SR500,000 and imprisonment for a term not exceeding two years, or either penalty.