Harsher penalties for money laundering in Saudi Arabia
Saudi Arabia’s Consultative Council has approved new legislation, which puts in place harsh penalties for the crime of money laundering. The law consists of 29 articles and stipulates jail sentences of up to 15 years and a fine of more than $1.5 million for anyone laundering money through charities.
Other money-laundering offenses are punishable by up to 10 years in jail and a fine of $1.3 million. Adel Al-Jubeir, foreign affairs advisor to Crown Prince Abdullah stated: “The new legislation will serve as a deterrent as well as facilitate our ability to monitor criminal financial transactions.”
The new legislation strengthens law enforcement by including bans on any commercial or financial transactions in which the parties involved are unidentified; requiring financial institutions to keep records of all transactions for a minimum of 10 years; and allowing the exchange of information between the Kingdom and other countries regarding money laundering operations. — (menareport.com)
© 2003 Mena Report (www.menareport.com)