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60-year jail, SR8mn in fine for 12-member gang convicted of transferring SR593mn
Published in The Saudi Gazette on 09 - 02 - 2021

RIYADH — A specialized court sentenced a 12-member gang, convicted of money laundering, to a total of more than 60 years of imprisonment and fines amounting to SR8 million.
An official source at the Public Prosecution revealed on Tuesday that the members of the gang, who were involved in money laundering and illegal transfer of SR593 million to abroad, included one Saudi woman, her brother, two other citizens, and eight expatriates.
The court also ruled the confiscation of money deposited in local bank accounts, in addition to the money that was found in the homes of the convicts, amounting to more than SR1.4 million.
The verdict also included the confiscation of a number of mobile phones, and portable and personal computers that were used in the crime, in addition to a firearm found in the home of one of the defendants.
The funds transferred outside the Kingdom are being tracked and will be asked to be returned in accordance with the legal procedures.
According to the source, it was found during the investigations carried out by the Public Prosecution, that the citizens created commercial records for commercial entities that were non-existent on the ground, and then opened bank accounts, and handed details of these accounts to expatriates who were proficient in collecting money in illegal ways and depositing them in these accounts.
They transferred more than SR593 million out of the Kingdom in this way, the source said while noting that this constitutes a full-fledged money laundering crime.
The Public Prosecution filed a public lawsuit after the investigations were completed, and the defendants were referred to the competent court, facilitating their trial and issuance of the verdict.

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