Saudi citizen, expat convicted of money laundering, fined SAR 6 mln

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A Saudi citizen and an Arab expatriate have been convicted for alleged money laundering and concealment based on the Prosecutions for Financial Fraud Crimes’ investigations, according to an official source at the Public Prosecution.

The investigations revealed that the citizen enabled the expatriate to engage in commercial activity against a monthly compensation, the state-owned Saudi News Agency reported, citing an official public prosecution source.

The probes further disclosed that the expatriate deposited and transferred more than SAR 7 million abroad. 

Inspections of commercial entities uncovered SAR 6 million in money laundering, five ATM cards, five seals of the commercial entity, two checkbooks and nine singed blank checks. 

The Public Prosecution referred the two defendants to the competent court, who convicted them. The court decided a four-year imprisonment for each, a fine of SAR 6 million and confiscation of a value equivalent to the crime-related amounts, including the crime revenue and proceeds. 

Moreover, the expatriate will be deported from the Kingdom following his four-year sentence.

The Public Prosecution continues to protect the Kingdom’s economy and financial capabilities, as well as seek severe punishment against whosoever tries to harm the economic security of the Kingdom, the source added.