Riyadh — The Public Prosecution confiscated almost SR2 billion from a Saudi citizen and a resident convicted of a money laundering crime.
According to an official source in the Public Prosecution, who clarified that the investigations 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 total sum confiscated amounts to almost SR2 billion was received by the convicts from anonymous sources and violators for commercial concealment and earned through narcotics trade.
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The Public prosecution sources explained that to disguise the sources of funds and legitimize the money as trade, the accused transferred the finances through a company belonging to the citizen to multiple destinations globally.
The Saudi citizen and the resident were sentenced to jail and a fine. Additionally, the Saudi citizen from traveling internationally, and the resident will be deported from Saudi Arabia after serving his sentence.
The source confirmed that the confiscated sum equals the amount transferred abroad. In addition, public prosecution also fined several other commercial entities a total of SR100 million for 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 would not hesitate to implement the most severe penalties. The Public Prosecution will continue working with the competent authorities to protect the Saudi interests and its economy.
