On 14th August 2021, four people were sentenced to 24 years imprisonment who tried to smuggle SR140 million out of the Kingdom. Out of the four, one of them is a Saudi citizen. He gave the three expatriates access to his commercial bank accounts to transfer funds abroad for a monthly fee of SR30,000. This is considered a crime according to Article 2 of the Anti-Money Laundering Law.
Similarly, a money laundering gang was arrested in April and sentenced to a total of 106 years in prison. SR5 million was seized from the gang. SR2 million was also confiscated from their bank accounts, according to the Saudi Press Agency.
In March, another gang of 11 Arabs and two citizens was involved in money laundering and smuggling. The suspects used the accounts of commercial institutions to deposit funds and receive transfers from local banks. They provided a 5 percent commission for each transfer. After getting caught, the suspects were fined SR166 million and sentenced to a total of 51 years in prison. The Public Prosecution also seized SR176 million in cash and funds deposited in their accounts that exceeded SR7 million.
The source said that the Public Prosecution will not hesitate to demand severe penalties for those who try to harm the financial and economic security of the Kingdom.