Saudi Citizen & Expat Jailed For Money Laundering

The two are members of Al Wafa mainstream, a group designated as a terrorist organisation.
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The Ministry of Commerce and Investment (MCI) has defamed a Saudi citizen and an expat of Asian origin in Riyadh after a court convicted them of commercial concealment and money laundering.

It has been proved that the citizen has been enabling the expat to work on his own account in the telecommunications sector, buying and selling mobile phones and mobile recharge cards. The expat was using the citizen’s commercial registration and bank accounts to run the business.

The Criminal Court in Riyadh imposed a fine of SR400,000 on both the citizen and the expatriate, in addition to sentencing the Saudi to 11 months in prison and the expat to two years’ imprisonment.

There will be a two-year travel ban on the Saudi upon his release from prison. His commercial registration has been revoked and he will not be allowed to practice the same trading activity in the future.

The expatriate will be blacklisted and deported from the Kingdom after his release from prison.

The court also ordered the publication of the ruling in a local newspaper at the expense of the violators. The ministry stepped in after it grew suspicious of money laundering activity under the cover of the telecom establishment.

Investigations revealed that the volume of financial transactions through the bank accounts of the establishment was very large and surpassed the size of its trade activity.

The bank accounts had cash deposits, internal transfers by individuals of different nationalities, and remittances from institutions having various trade activities. During questioning, the expat admitted to running the business on his own account. The expat gave the citizen SR1,500 a month for the use of his CR while making SR4,500 in profits.

Accordingly, both the citizen and the expat were taken to the court on charges of commercial concealment and money laundering.

Source Credit: Saudi Gazette


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