An official source at the Public Prosecution stated that economic crimes investigations at the Public Prosecution revealed the involvement of a gang of 11 members (two citizens and nine residents) in perpetrating money laundering crimes. They violated the concealment law through using several commercial entities and their branches in receiving and transferring money from unknown sources from their bank accounts with a total amount of more than SR10 billion. The source added that Public Prosecution investigation filed a suit against the perpetrators and an initial verdict was issued by the specialized court with imprisonment terms of a total of 52 years and fines of SR62.5 million, The PP confiscated money and assets at the investment portfolios that were seized with their total assets of SR1,672,862, and deporting the residents from Saudi Arabia after serving their jail terms and banning the citizens from travel for periods similar to their sentences. The source said that the public prosecution embarked on procedures of objecting the terms issued upon an order to stiffen sentences against the criminals. This is in realization of the public interest to protect the local economy and deter all those who plan to tamper with the financial security in banking transactions. — SPA
