Monday, April 19, 2021

Saudi confiscates $4.3 billion from money laundering activities, jails 28 people


A total of 28 people, who were accused of money laundering, were sentenced to varying jail terms and awarded fines amounting to a total of nearly SR60 million in addition to confiscation from them of more than SR16 billion.

An official source at the Public Prosecution stated that preliminary rulings were issued in cases framed against 28 accused who were awarded jail terms totaling 194 years and six months and fines totaling SR59,850,000 and confiscation of SR16,616,981,340.

A travel ban will be slapped on the convicts for an equal period of their imprisonment and deportation of non-Saudis after serving their jail terms and payment of fines.

The concerned circuit at the Public Prosecution conducted the investigations into the charges against 28 persons accused of money laundering crimes.
It was revealed in the investigations that these persons were involved in illegal practices with concealment and camouflage of large amounts of money that are punishable under the law to combat money laundering.
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