18 years in prison and 500,000 fines for three who laundered and transferred money abroad – Saudi News

While an official source in the State Prosecutor’s Office stated that the investigations of the Economic Crime Prosecutor’s Office ended with the indictment of three people (Saudis and expatriates of Arab nationality) for money laundering, after the investigative procedures revealed that the Saudis opened records for commercial entities and opened bank accounts for those subjects and handed them over to the expatriate and enabled him to act. In it, the lawyers confirmed to Okaz that money laundering is an economic crime that harms the country’s economy and includes the legitimization of financial income as a result of criminal activities or an illegal source.

The State Prosecutor’s Office, explaining the details of the event, stated that it had conducted several financial investigations into the accounts of the accused and economic entities, and it was established that the expatriate had deposited and transferred large sums of money outside the Kingdom, and by checking the sources of the funds, it was established that they were illegitimate, and the accused concealed their truth and presented that it was a legitimate source. The defendants were arrested, prosecuted before the competent court, and evidence was presented of their accusation, and a final judgment was passed, in which they were convinced of what was attributed to them, and that they are commercial entities a cover for transferring funds of unknown origin outside the Kingdom, and were sentenced to 18 years in prison. and fines. A sum of money in the amount of 500,000 Riyals, and confiscation of a similar value for the means on which the crime was committed, the earnings and income thereof, and the deportation of the expatriate from the country after the expiration of his sentence. .

The source emphasized that it is forbidden to allow an expatriate to dispose of a business entity or its bank accounts, except in cases prescribed by law, and that this leads to criminal liability in accordance with the law on the prohibition of concealment and the prohibition of money. law on money laundering.

Economic crime requiring arrest

Lawyer Saleh Misfer Al-Ghamdi told Okaz: “The system defined money laundering as committing any act or attempting to do so, and behind it the intention is to conceal or conceal the true origin of money obtained by violating the Sharia or the system and make it appear as if is a legitimate source and money is property or assets, whether their value or type is tangible or intangible, tangible or intangible, movable or immovable, and documents, instruments and documents in any form, including electronic or digital systems and bank loans that indicate ownership or interest therein, including but not limited to all types of checks, money orders, stocks, securities, bonds, bills of exchange and letters of credit.

Al-Ghamdi warned that an expatriate is not allowed to dispose of any commercial entity or bank accounts except in cases provided by law, and that this requires criminal liability under anti-money laundering and anti-money laundering laws.

Lawyer Al-Ghamdi stated that, without prejudice to the rights of other parties in good faith, whoever commits the crime of money laundering provided by law shall be punished with imprisonment for a term of up to 15 years or a fine not exceeding 7 million riyals, or one of these two fines, with confiscation of funds and property benefits. And intermediaries are the subject of a criminal offense, and if funds and property benefits are mixed with funds obtained from legal sources, then these funds are subject to confiscation within the limits equivalent to the estimated value of the illegally acquired property benefit. They know that such actions will affect the ability of the competent authorities to recover the property subject to confiscation.

Illegal criminal activity

Lawyer Ahmed Al-Rashed added: “Money laundering is an economic crime that harms the national economy and involves the legitimization of financial income as a result of criminal activities or an illegal source, and this entails severe penalties.”

Al-Rashed stated that the system made it possible to reduce the sentence for the perpetrator of the crime of money laundering in the event that the perpetrator reported the crime to the competent authorities before the authorities found out about it, or if he reported the perpetrators and his report led to their arrest or confiscation of funds, funds or income from a criminal offense.

Lawyer Hakam al-Hakami stated that the crime of money laundering is one of the main crimes that require arrest, as the relevant agencies deal strictly with anyone who prescribes or conceals the true origin of funds acquired or derived from acts criminalized under the Sharia or law, such as illegal drug and arms trafficking and forgery Currency and other criminal offences, bearing in mind that money whose origin is intended to be concealed (laundered) is not limited to cash, but includes funds, assets and economic resources of any value, type or manner of possession, and such money is called property benefit if it results directly or indirectly from the commission of a criminal offense Predicate of a criminal offense.

High penalties for perpetrators of crimes

Lawyer Rana Abdullah Al-Ghamdi explained the following: “Criminal offenses of money laundering pose a serious threat to the economic, social and security aspects of any country. Criminal offenses committed within the Kingdom and any act committed outside it if considered a crime under the laws of the country in which committed, and in accordance with the sharia or systems of the Kingdom if committed within it.

And she added: “The authorities have imposed severe penalties on the perpetrators of money laundering, and the punishment for a person convicted of this crime is a fine of up to 7 million riyals and a prison sentence of up to 15 years, or both, and a Saudi who has been sentenced to prison for the crime money laundering is punished by traveling outside the Kingdom for a similar period of time.” The prison where a non-Saudi was convicted of money laundering crimes was also deported from the Kingdom after serving his sentence.