Saudi Public Prosecution seizes SAR 28 mln on money laundering, cover-up

13/12/2020 Argaam

The Saudi Public Prosecution seized more than SAR 28 million after an institution’s founder and an employee were convicted of commercial cover-up and money laundering by Jeddah’s Penal Court.

 

The two persons were also sentenced to nine-year imprisonment, local media reported, citing a source familiar with the matter at the Public Prosecution.

 

The sentence came after a complaint was filed by a local bank to the Saudi Arabia Financial Investigation Unit (SAFIU) about suspected money laundering by the bank account holder.

 

Investigations into the claim proved that the corporation owner and one employee were accused of money laundering and commercial concealment, the source added.

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