Saudi Arabia

15 Years Jail and 7 Million Riyals Fine for Money Laundering

NEW LAW AGAINST MONEY LAUNDERING

Saudi Arabia recently introduced a new Anti-Money Laundering Law, according to Arab News report 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.

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