Saudi Arabia said to investigate $4bn of money laundering cases

Suspects allegedly transferred large sums of money through fake bank accounts
By Staff writer
Sun 20 Nov 2016 10:20 AM

Seven cases of money laundering, reportedly worth SR16 billion ($4 billion), are under investigation in Saudi Arabia, according to local media.

Thirty suspects of various nationalities – including Saudis – have been arrested and 15 of them released after questioning, Saudi Gazette reported.

The Penal Court is to examine one case involving an alleged SR2 billion ($533 million) of laundered funds next month, and another involving SR8 billion ($2.1 billion) and nine suspects including two local bank employees.

In the coming weeks the court will also examine another case involving suspected money laundering of SR2 billion ($533 million) and another involving SR7 billion ($1.86 billion).

Meanwhile the Court of Appeal was said to be investigating a previous sentence issued by the Penal Court in relation to a suspect’s imprisonment after he was found with SR2 billion ($533 million) in his bank account.

The Penal Court had sentenced the man to six years in prison and fined him SR3 million ($800 million), as well as banning him from travel for six years after his release from prison.

However, the Court of Appeal was reported to be reviewing the sentence.

The suspects in each money laundering case allegedly used fake bank accounts registered as commercial accounts belonging to various companies.  Large sums of money were reportedly transferred through these accounts, the newspaper said.

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Last Updated: Thu 26 Jan 2017 01:27 PM GST

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