Money & BusinessSaudi Arabia

Saudi: Money laundering convicts face imprisonment and fine

The conviction of six defendants in money laundering cases was announced on Sunday. Judicial verdicts were issued against them, awarding jail terms totalling 31 years and slapping fines, amounting to more than SR152 million.

The fines represent the equivalent value of illegal funds that the convicts smuggled out of the Kingdom. The court rulings also included a travel ban on the convicted citizens for a period similar to their jail terms and deportation of the expatriate convicts after serving their prison term.

Some citizens, who are owners of commercial entities such as furniture upholstery and flower business as well as fake establishments, and a number of expatriates were involved in money laundering transactions.


Saudi Gazette

Related Articles

Back to top button