Gang of 24 Sentenced to Pay SR17 bln for Money-Laundering

The Riyadh Court of Appeal ruled that 24 defendants had been convicted for charges of forming an organized gang and committing a money-laundering offence of approximately SR17 billion.

Including citizens and residents, the gang was sentenced to up to 20 years’ imprisonment for the charges against them.

The court ruled that citizens convicted in the money laundering case shall be prevented from travelling for a period similar to their sentence and that the non-Saudi residents convict shall be deported after completing their sentences .

They were also sentenced to various fines totaling more than SR75 million, and all the assets in question, estimated at billions of Saudi rials, shall be confiscated.

The Court was certain that the gang had committed the suspected criminal acts under the guise of commercial enterprises, including factories, companies and institutions, as well as medical clinics.

Based on the Court’s ruling, their roles also varied from committing and participating in the crime of money-laundering to collecting, depositing and transferring funds abroad to carry out the crime they decided to commit.

The Riyadh Court of Appeal also convicted some of the accused for failure to report the money-laundering operations despite their prior knowledge, as well as agreement, assistance and providing advice to carry out the crime, as well as committing the offence of bribery.