A Saudi Arabian court has imprisoned four people for 24 years and fined them SAR140m ($37.3m, €31.8m) for illegally transferring more than SAR140m abroad.
A Saudi man created records for commercial entities which did not exist on the ground, opened bank accounts and handed them over to three expatriates, regional newspaper Gulf News reported a Saudi prosecution official as saying.
The expats then collected money illegally, deposited it in the accounts and sent more than SAR140m abroad, “which constitutes a full-fledged money laundering crime,” the official added.
The Saudi citizen was banned from travelling for a period similar to his jail time by the court which ordered the expats’ deportation after they serve their jail terms. The defendants were not named.
The court also ordered confiscation of SAR2.5m of illegal funds found hidden inside a hot beverage dispenser.
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