The Saudi Arabian General Prosecution has ordered the confiscation of 4 billion riyals ($1.06 billion) and a 25-year jail term for a criminal gang accused of money laundering.
The gang was comprised of one Saudi citizen and five people with other Arab nationalities.
An official source at the General Prosecution said the citizen had carried out several fraudulent operations related to bank accounts and commercial registries.
The accounts and registries were turned over to residents, who in turn carried out large financial transactions abroad and made large deposits in the accounts.
Further investigations showed violations of several laws and regulations related to money laundering.
Fines of up to 200 million riyals were announced.
The citizen was sentenced to ten years in jail and barred from travel.
His accomplices were sentenced to 25 years in prison and they will be deported as soon as they finish their sentence.
The official source stressed that the General Prosecution was committed to protecting the economy, saying it will not hesitate in laying down severe punishments against people who deign to harm the national financial security.
