Saudi Public Prosecution seizes $7.46m on money laundering, cover-up

The Saudi Public Prosecution seized more than $7.46 million; after an institution’s founder and an employee got conviction of commercial cover-up and money laundering by Jeddah’s Penal Court.

The two people markedly had prison sentence to nine-year imprisonment; local media reported, citing a source familiar with the matter at the Public Prosecution.

as a matter of fact the sentence came after a complaint was filed by a local bank; to the Saudi Arabia Financial Investigation Unit (SAFIU) about suspected money laundering by the bank account holder.

Investigations into the claim proved that the corporation owner and one employee got accusations of money laundering and commercial concealment; the source added.