An official source at the Public Prosecution of Saudi Arabia revealed that the investigations of the Economic Crimes Prosecution resulted in the issuance of a preliminary judicial ruling by the competent court proving the conviction of a citizen and resident of the crime of money laundering.
Two people had practiced banking without a license, by insulting them to receive funds from unidentified and violators resulting from commercial cover-up and the trade in narcotic substances. These funds amounted to nearly two billion riyals, and then were transferred through the commercial entity belonging to the citizen to a number of countries, to hide their sources. And an attempt to legitimize it under the cover of trade, according to the investigations launched by the prosecution.
The source pointed out that the ruling included imprisonment and a fine for them in their personal capacities, the confiscation of sums of money equivalent to what was transferred abroad, the fines of commercial entities involved in the crime with fines totaling 100 million riyals, the ban on the citizen from traveling, and the deportation of the resident outside Saudi Arabia after serving their sentences.
The source stressed that the Public Prosecution will continue to work with the competent authorities to protect the national economy, and will not hesitate to demand the most severe penalties for anyone who is tempted to harm him and violate the economic and financial security system in Saudi Arabia.
Source: Okaz + “Ajel” newspaper
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