An official source in the Public Prosecution stated that investigations by the Economic Crimes Prosecution in the Public Prosecution revealed the involvement of an organized gang consisting of (11) accused (citizens and nine expatriates) in committing money laundering crimes and violations of the anti-cover-up system, by exploiting a number of commercial entities. And its branches in receiving and transferring funds of unknown origin from their bank accounts totaling more than (10) billion riyals.
The source added that the Public Prosecution’s investigations ended with the filing of a public case once morest the perpetrators, and a preliminary ruling was issued by the competent court to imprison the accused for a total of 52 years, and fines amounting to (sixty-two million five hundred thousand riyals) and confiscation of funds and assets of the investment portfolios that were seized. Which totaled (one million six hundred and seventy-two thousand eight hundred and sixty-two riyals), expelling expatriates from the Kingdom following the expiry of their sentences, and preventing the two citizens from traveling for a period similar to their imprisonment.
The source indicated that the Public Prosecution has resumed the procedures for objecting to the ruling ordering an increase in the penalty once morest the perpetrators, in order to achieve the public interest in protecting the local economy and deterring anyone who seeks to jeopardize financial security in banking transactions.
Public Prosecution: A sentence of 52 years in prison was issued for the formation of a gang who practiced money laundering, with a value of 10 billion riyals
Abdullah Al-Barqawi
already
2022-02-13
An official source in the Public Prosecution stated that investigations by the Economic Crimes Prosecution in the Public Prosecution revealed the involvement of an organized gang consisting of (11) accused (citizens and nine expatriates) in committing money laundering crimes and violations of the anti-cover-up system, by exploiting a number of commercial entities. And its branches in receiving and transferring funds of unknown origin from their bank accounts totaling more than (10) billion riyals.
The source added that the Public Prosecution’s investigations ended with the filing of a public case once morest the perpetrators, and a preliminary ruling was issued by the competent court to imprison the accused for a total of 52 years, and fines amounting to (sixty-two million five hundred thousand riyals) and confiscation of funds and assets of the investment portfolios that were seized. Which totaled (one million six hundred and seventy-two thousand eight hundred and sixty-two riyals), expelling expatriates from the Kingdom following the expiry of their sentences, and preventing the two citizens from traveling for a period similar to their imprisonment.
The source indicated that the Public Prosecution has resumed the procedures for objecting to the ruling ordering an increase in the penalty once morest the perpetrators, in order to achieve the public interest in protecting the local economy and deterring anyone who seeks to jeopardize financial security in banking transactions.
February 13, 2022 – Rajab 12, 1443
11:32 AM
February 13, 2022 – Rajab 12, 1443
02:26 PM
An official source in the Public Prosecution stated that investigations by the Economic Crimes Prosecution in the Public Prosecution revealed the involvement of an organized gang consisting of (11) accused (citizens and nine expatriates) in committing money laundering crimes and violations of the anti-cover-up system, by exploiting a number of commercial entities. And its branches in receiving and transferring funds of unknown origin from their bank accounts totaling more than (10) billion riyals.
The source added that the Public Prosecution’s investigations ended with the filing of a public case once morest the perpetrators, and a preliminary ruling was issued by the competent court to imprison the accused for a total of 52 years, and fines amounting to (sixty-two million five hundred thousand riyals) and confiscation of funds and assets of the investment portfolios that were seized. Which totaled (one million six hundred and seventy-two thousand eight hundred and sixty-two riyals), expelling expatriates from the Kingdom following the expiry of their sentences, and preventing the two citizens from traveling for a period similar to their imprisonment.
The source indicated that the Public Prosecution has resumed the procedures for objecting to the ruling ordering an increase in the penalty once morest the perpetrators, in order to achieve the public interest in protecting the local economy and deterring anyone who seeks to jeopardize financial security in banking transactions.
