Stock crime police jailed
Illustrative image. Image Credit: Shutterstock

Dubai: A Saudi woman and her Arab expatriate husband were each sentenced to 12 years in prison and fined 50 million riyals after being convicted of money laundering involving more than SR63 million.

The ruling was issued by a special court dealing with economic offences. The court also ordered the confiscation of a similar value of the funds transferred abroad, amounting to SR63 million.

The woman was also slapped with a travel ban for a period equal to her prison term, while her husband will be deported after serving his jail term.

The woman obtained a commercial licence for a business entity and opened a bank account and made these available to her husband of Arab nationality, who in turn agreed with one of his compatriots to use the commercial entity’s account to engage in money laundering offenses, in return for a monthly salary of SR10,000.

The court ordered to closure of the commercial entity permanently.

According to an official source at the Public Prosecution, the investigations carried out by the Economic Crimes Prosecution proved that the woman registered the commercial entity as a cover-up for her husband to carry out illegal financial transactions.