Saudi authorities seize SR176 million in money laundering probe

RIYADH: Public Prosecution investigations have revealed that 11 convicts of Arab nationalities and two citizens were involved in money laundering and smuggling.

The convicts used the accounts of commercial institutions in the contracting field to deposit funds and receive transfers from local banks to transfer them later to banks abroad, in exchange for a 5 percent commission for each transfer.

Following investigations, the convicts were found guilty of money laundering and fined SR166 million ($42 million), and sentenced to a total of 51 years in prison.