We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 4 Oct 2016 01:55 PM

Font Size

- Aa +

Saudi to prosecute citizens, expats over $3.73bn money laundering

Bureau of Investigation and Public Prosecution officials say the trial will begin in October at court in Jeddah

Saudi to prosecute citizens, expats over $3.73bn money laundering

Saudi Arabia will prosecute a number of its citizens and expatriates for their involvement in SR14 billion ($3.73 billion) money laundering racket, according to news report.

Al-Watan daily reported that the money was transferred through two ‘hawala’ transactions - SR6 billion and SR8 billion - which were largest uncovered so far.

The Bureau of Investigation and Public Prosecution (BIP) officials said the trial will begin in October at a local court in Jeddah.

In the first case, the money was transferred illegally to a Gulf country, while in the second case Saudi bank employees were found to be involved after accepting money for the illegal transaction.

Arabian Business: why we're going behind a paywall

Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.