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| Arabia |
| Saudi prosecution confiscates over $1 bln from gang accused of money laundering |
| 2022-09-13 |
| The Soddy Arabia ...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... n General Prosecution has ordered the confiscation of $1.06 billion (4 billion riyals) and a 25-year jail term for a criminal gang accused of money laundering, state television ... and if you can't believe state television who can you believe? reported on Monday. The gang was comprised of one Saudi citizen and five people with other Arab nationalities, state TV said. Those arrested were referred to the specialized court after the public prosecution accused them of money laundering an amount that exceeded 4.29 billion riyals, Saudi state-run al-Ekhbariya television said. The foreign nationals were able to conduct illegal money transfers with the help of the Saudi citizen. "The investigation procedures revealed that the citizen extracted commercial records for a number of entities, opened bank accounts, and handed over the entities and accounts to the residents, who in turn made huge financial operations, financial deposits and transferred them abroad," the report said. It added that authorities found that the source of the funds resulted from illegal violations of regulations and crimes. A judgment was issued containing proof of the crimes committed by the gang members and it was ruled that a similar value of funds transferred abroad be confiscated. This is in addition to the confiscation of the proceeds of the crime from funds seized in bank accounts and commercial real estate. The court also decided to impose a fine that amounted to 200 million riyals on those involved. The Saudi national was sentenced to 10 years in jail and will be prohibited from leaving the country for the same time span. The residents, according to al-Ekhbariya, were sentenced to 25 years in prison and will be prevented from entering the Kingdom again after serving time. |
| Posted by:Fred |