Money laundering in Saudi Arabia is a permanent dilemma. The country continues to take necessary measures to fight against money laundering. In spite of all the steps that have been taken, Jeddah still has highest number of money laundering cases. The bankers and economic experts in Saudi Arabia think that Money laundering has become a preplanned and grouped offence since last few years. Recently, a resident of Saudi Arabia was arrested for the alleged money laundering accusations in Jeddah. His case is under trial in criminal court of Jeddah for charge of money laundering against him. The police got doubtful and alerted about suspicious monetary activities of the Saudi man as his bank balance reached over 2 billion Saudi Riyals.
The hearing of the case started from Thursday. In the initial hearing of the case, the honorable judge gave directions to the concerned officials to track down all the record of the accused’s bank accounts and statements in the United Arab Emirates, India and China and adjourned the proceedings. The man who was not named by the authorities is 30 years of age. He was holding numerous foreign companies and firms. But the investigation proved that the most of the corporation and firms of the Saudi man are false and not existed at all.
The Bureau of Investigation and General Prosecution concluded in its investigation that many fake international firms had been listed on his name. While inspecting the defendant’s assets, the bureau had discovered that one of his properties was in fact a huge store that was totally closed and had no business at all. It is reported that he has many bank accounts between four countries Saudi Arabia, China, India and United Arab Emirates. He supposedly sponsor people and then used his employees for his allegedly activities. In the period of one year, he has received money which is more than 550 million Saudi Riyals in his bank account. He had transferred this money to another account which is owned by a company. The company had shifted the currency further to foreign lands.
It is reported that the suspicious financial activities of the young man alerted the police. He was taken into custody by the police when he landed at Jeddah airport from an African state. He was remanded into police custody. Meanwhile, his accounts in the local banks are verified by the Saudi Arabian Monetary Agency (SAMA). In the whole process of verification, if the evidence proves that he was involved in such activities which are stipulated in the money laundering then he will be punished under The Anti-Money Laundering Law. He would be liable to imprisonment for a term which is more than ten years or a fine up to SR 5,000,000 or both.
Money laundering is not only a crime but a sin which is also forbidden in Islam. The most important question now a day is the source of this money, is it come from some unlawful business such as narcotics or comes from the totally opposite sources to support terrorist organizations. There is no limit for the money you can keep in your bank account as far as it is earned from the legal sources.
Source: Saudi Gazette
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