An official source in the Public Prosecution stated that the investigations of the Economic Crimes Prosecution led to the indictment of three persons (Saudis and an expatriate of Arab nationality) with money laundering.
The investigation procedures revealed that the two Saudis opened records for commercial entities, opened bank accounts for those entities, and handed them over to the expatriate and enabled him to dispose of them.
By conducting a number of financial investigations on the accounts of the defendants and commercial entities, it was revealed that the expatriate had deposited large amounts of money and transferred them outside Saudi Arabia, and by verifying the source of the funds, it was found that they were of illegal origin. The accused concealed its truth and made it appear as if it was a legitimate source.
The defendants were arrested, prosecuted before the competent court, and evidence of their accusation was presented, and the judicial ruling was issued containing their conviction of what was attributed to them, and that commercial entities are a cover for transferring funds of unknown origin outside Saudi Arabia, and they were sentenced to prison terms of 18 years, and fines amounting to 500 thousand. Riyals, confiscation of a similar value for the money on which the crime was committed, the proceeds and proceeds thereof, and deportation of the expatriate from the country following the end of his sentence.
The source stressed that it is forbidden to enable the expatriate to dispose of the commercial entity or its bank accounts except in the cases stipulated by law, and that this matter leads to criminal accountability in accordance with the anti-concealment law and the anti-money laundering law.