SR 7 million Fine, 15 Years Jail for money laundering

Saudi Arabia has introduced a new law, which states that the penalty for money laundering will be 3 to 15 years Jail depending on the case, or a fine of SR 7 million, equivalent to $1.87 million.

What is Money Laundering?

The concealment of the origins of illegally obtained money, typically by means of transfer to outside Saudi Arabia. Moreover, assisting someone to launder money also comes under money laundering.

Therefore, you should not transfer any money on behalf of anyone from Saudi Arabia to a foreign bank account.

What is illegal money?

You need to understand what does illegal money means. If somebody is earning through legal ways, he can transfer the money himself.

Let’s say if somebody is working for someone other than his employer (as it happens in most of the cases) and he asks you to transfer the money as legally he is not generating enough white money to transfer on his name, he is earning illegal money. If you transfer his money, you are involved in money laundering.

What if a Non-Saudi is caught?

If non-Saudi is caught for money laundering, they will be imprisoned, fined heavily, and deported after completing their sentence. Furthermore, they will be banned from entering the Kingdom.

If a Saudi national is imprisoned for money laundering, then they will serve their imprisonment sentence and will be banned from traveling for the same amount of time for which they served their imprisonment sentence.

Source: Arab News

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Steve has vast experience in writing about Saudi rules, regulations, guides, and procedures.