Money laundering gang sentenced to total 106 years in prison

A money laundering gang has been sentenced to a total of 106 years in prison, the Saudi Press Agency reported.

Five Saudi nationals and 16 residents of Arab nationalities were involved in the scheme.

The citizens opened bank accounts and used seven commercial registrations to import foods. They then allowed the residents to use these accounts to deposit illicit money and transfer it abroad, in exchange for a monthly salary.

They were found guilty of money laundering by owning, moving, and transferring illicit money.

A fine of SR2.8 million ($746,666) was handed down along with the prison sentence. Public Prosecution also seized over SR5 million, with nearly SR2 million frozen in the bank accounts. A letter was sent to recover the money from the countries it was transferred to and more than SR465 million was seized.

A travel ban has been imposed on the Saudis by Public Prosecution, while the remaining gang members will be deported after they have completed their full prison sentence.

Public Prosecution warned citizens and residents about the gravity of allowing others to use their bank accounts and commercial registrations, as well as the impact of such action on financial and economic security, saying there would be maximum punishment for anyone who allowed it.

A letter was sent to recover the money from the countries it was transferred to and more than SR465 million was seized.