Three sentenced for money laundering in Saudi Arabia

The Saudi Public Prosecution announced on Thursday that three persons, two of them Saudi nationals, have been convicted of money laundering and sentenced to 18 years in prison and slapped with a $133,000 fine.

Police discovered that Saudi citizens had issued commercial registers for several entities and opened bank accounts via police investigations.

The Saudi Press Agency (SPA) reported that the citizens turned over the commercial registers and bank accounts to the resident through which they made financial transactions and transferred large sums of money outside the country.

The illegal means through which funds were generated, the Public Prosecution said, was the use of commercial registers to transfer money abroad. The court ordered that an equivalent amount of money be seized that had been sent abroad or the money gained from the crimes.

A person living in Kuwait will be deported after serving his time in prison, according to the Public Prosecution’s statement.


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