Saudi Gazette report

RIYADH — The Public Prosecution confiscated nearly SR2 billion from a citizen and resident who were convicted of money laundering.

According to an official source in the Public Prosecution, he clarified that the investigations that were carried out by the Economic Crimes Prosecution 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 amounted to nearly SR2 billion, as it were received from anonymous sources and violators as a result of commercial concealment and narcotics trade.

In order to hide the sources of funds and try to legitimize them under the cover of a trade, the sources clarified that the accused transferred the money through the commercial entity belonging to the citizen to a number of countries.

The citizen and the resident were sentenced to jail and a fine, in addition to preventing the citizen from traveling, and deporting the resident from Saudi Arabia after serving their sentences.

A sum of money equivalent to what was transferred abroad was confiscated, the source confirmed, while adding that several commercial entities were fined a total of SR100 million due to their participation in the crime.

The Public Prosecution warned everyone from disrupting the economic and financial security system of the Kingdom, and reiterated that it will not hesitate to implement the most severe penalties.

It noted that it will continue its efforts to work with the competent authorities to protect the Saudi economy.