JEDDAH: Two Saudi citizens have been sentenced to 28 years in jail and fined up to $3.47 million after an investigation revealed an organized crime gang laundering money overseas.
An official source in the Public Prosecution stated that the Financial Investigation Unit launched an investigation into a man and a woman - both Saudi - who opened commercial records and bank accounts before handing them over to expatriates for a monthly fee.
The duo allowed the expats to invest in their commercial unit, use their bank accounts, deposit money they obtained illegally, and transfer it abroad.
Authorities said that the preliminary ruling of the court included sentencing the gang members to 28 years in prison, a fine of $3.47 million, confiscating funds transferred abroad — which exceeded $182 million — and deporting the foreign nationals after the completion of their prison sentences. The Public Prosecutor said it is preparing to retrieve the smuggled money after the final ruling.
HIGHLIGHT
Authorities said that the preliminary ruling of the court included sentencing the gang members to 28 years in prison, a fine of $3.47 million, confiscating funds transferred abroad — which exceeded $182 million — and deporting the foreign nationals from the country after the completion of their prison sentences.
International treaties and agreements allow countries to trace and confiscate money that has been illegally earned or smuggled outside their borders.
The process of retrieving smuggled money goes through the international cooperation departments in the Ministry of Interior and the Public Prosecution, in coordination with the Ministry of Foreign Affairs after the final ruling.
