Saudi Arabia

Saudi: Illegal money confiscated from laundering convicts, others fined

Saudi Arabia confiscated nearly SR2 billion from a citizen and resident who were convicted of money laundering.

The investigations resulted in the issuance of a preliminary ruling by the competent court proving the guilt of the two persons for practicing a banking business without a license. The money was received from anonymous sources and violators as a result of commercial concealment and narcotics trade.

Several commercial entities were fined a total of SR100 million due to their participation in the crime.


Saudi Gazette

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