Four Saudis got 24 years for money laundering

A Saudi Arabian investigation into money laundering and smuggling resulted in the 24-year imprisonment of four individuals and the seizure of SR140M (€37M).

A Saudi national was discovered to have granted three foreigners access to his bank account to transfer SR30,000 (€5,300) every month overseas.



Arab News reports that the Saudi Public Prosecution is collaborating with the Ministry of Commerce and Investment, the Zakat Authority, the Tax and Customs Authority, and the Saudi Central Bank. According to sources, the Public Prosecution has warned it will "not hesitate to demand severe penalties for those who attempt to harm the financial and economic security" of the nation.


In June, an expat and a Saudi native were sentenced to three years in jail for money laundering, with the country's prosecutors aiming to retrieve around SR6M (€1.6M) that had been illegally exported.


Similarly, an April arrest of a money laundering organisation resulted in 106 years in jail and an SR1.8 million fine.


The Saudi Press Agency claims that SRM and SR2M (€529K) were taken from the gang's bank accounts.

By fLEXI tEAM