Saudi King Salman bin Abdulaziz has issued a royal order approving regulations for financial settlements with individuals and entities involved in corruption crimes.
The head of the Oversight and Anti-Corruption Authority (Nazaha), Mazen Al-Kahmous, expressed gratitude to King Salman and Crown Prince Mohammed bin Salman, emphasizing that these regulations aim to recover stolen funds and ensure swift justice in financial corruption cases.
He highlighted that the new rules provide an opportunity for offenders to rectify their legal standing voluntarily. Those who reach a settlement will not face criminal prosecution, and their identities will remain confidential. He reaffirmed the state’s commitment to combating corruption, recovering illicitly obtained assets, and reinforcing principles of justice.
The rules apply to individuals or entities that committed corruption-related crimes before November 4, 2017, and whose offenses have not yet been discovered. The settlement process requires offenders to return or pay the value of stolen funds, along with any proceeds generated, and an additional five percent annual fee until full repayment.
They must also provide detailed disclosures about the crime in question or other related corruption offenses. In return, no criminal charges will be filed against them. The settlement agreement must be approved by the head of the Authority’s Investigation and Prosecution Unit, making it legally binding and non-appealable. A three-year deadline is set for completing settlements, and failure to meet obligations within this period will lead to criminal prosecution. All recovered funds will be deposited into the state’s public treasury.
If an offender is later found to have concealed information about the crime or other corruption-related offenses, criminal prosecution will be initiated, even if the settlement was completed. However, previously paid funds will not be refunded. Those who voluntarily seek a settlement within one year of the regulation’s issuance will be exempt from the five percent annual fee.
The Authority may also extend settlement options to individuals already convicted, currently on trial, or under investigation for corruption committed before November 4, 2017. However, this requires royal approval and does not grant exemption from the five percent fee. If a settlement is reached, courts may suspend ongoing trials upon the Authority’s request. Prison sentences may be lifted or reduced if all settlement conditions are met. If an offender later conceals relevant information, their original sentence may be reinstated.
For corruption crimes committed after the regulation’s issuance, individuals who voluntarily seek a settlement before discovery may receive a reduced penalty or a suspended sentence, subject to royal approval.
The Authority will submit biannual reports to the King detailing settlements, recovered funds, and any necessary adjustments to the regulations. Previously signed settlements will remain valid and non-contestable.
