Jeddah: Saudi Arabia has sentenced a man convicted of smuggling black money abroad through a benami deal. The Saudi public prosecution has handed down convictions after finding both nationals and foreigners guilty of money laundering.
The suspects allegedly took money from criminals, benefactors and drug dealers and smuggled it abroad under the guise of a business entity in the name of Indigenous citizens.
It is reported that about two billion riyals were smuggled from Saudi Arabia to foreign countries. In addition, this amount has been seized from the accused. The defendants were sentenced to prison and fined 100 million riyals. Indigenous defendants were banned from traveling outside Saudi Arabia. The foreigner will be deported after serving his sentence and will be banned from living in Saudi Arabia for life.
The benami deal will undermine the country’s financial security system. Those who engage in such activities, whether national or foreign, will be punished.