15-year sen­tence and SR7 mil­lion fine for money laun­der­ing un­der new law in Saudi Ara­bia

The Miracle - - Middle East -

RIYADH: Saudi Ara­bia in­tro­duced a new Anti-Money Laun­der­ing Law on Satur­day. Un­der the new law, the penalty for money laun­der­ing will be be­tween three and 15 years im­pris­on­ment or a fine of up to SR7 mil­lion ($1.87 mil­lion). Those penal­ties can be com­bined if the ac­cused was part of an or­ga­nized gang or used vi­o­lence dur­ing the crime; if the ac­cused works in the pub­lic sec­tor and ex­ploited their job and/or power to com­mit the crime; or if the crime in­cluded hu­man traf­fick­ing, the ex­ploita­tion of a mi­nor or a woman, or the use of a cor­rec­tional, char­i­ta­ble or ed­u­ca­tional fa­cil­ity. The penal­ties will also be com­bined for re­peat of­fend­ers. Saudi na­tion­als im­pris­oned for money laun­der­ing will be banned from trav­el­ing once re­leased for the same length of time as their prison term, while non-Saudis will be de­ported af­ter com­plet­ing their sen­tence and will not be al­lowed to en­ter the King­dom again. A money laun­der­ing crime, ac­cord­ing to the new law, in­cludes con­duct­ing any trans­ac­tion in­volv­ing prop­erty or pro­ceeds with the knowl­edge that they are the re­sult of crim­i­nal ac­tiv­ity or orig­i­nate from an il­le­git­i­mate source in or­der to dis­guise, pro­tect or help that source or any other per­son in­volved in the orig­i­nal crime through which the prop­erty or pro­ceeds were ob­tained. Money laun­der­ing also in­cludes earn­ing, keep­ing, or us­ing any prop­erty or pro­ceeds with the knowl­edge that they are the re­sult of crim­i­nal ac­tiv­ity or come from an il­le­gal or il­le­git­i­mate source, in ad­di­tion to con­ceal­ing or cam­ou­flag­ing the na­ture, source, move­ment, own­er­ship, lo­ca­tion, method of dis­po­si­tion, or as­so­ci­ated rights of this prop­erty or pro­ceeds with the knowl­edge that they are the re­sult of crim­i­nal ac­tiv­ity. The new law em­pha­sizes that at­tempt­ing to com­mit any of the pre­vi­ously men­tioned acts, par­tic­i­pat­ing in any of the acts by agree­ment, pro­vid­ing as­sis­tance, in­cite­ment, coun­sel­ing, guid­ance, ad­vice, con­spir­ing, col­lu­sion or con­ceal­ment are all con­sid­ered money-laun­der­ing crimes.

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