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Saudi Arabian authorities jail group for money laundering SR$10BN (€2.3BN)

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NEWS: France, Ireland and Latvia called out by EU for AML failures

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NEWS: PEPs law make politicians, families ‘guilty until proven innocent’ MPs claim in Ireland’s parliament

INSIGHT: New AML rules will change the EU’s financial crime prevention landscape for good. But what will change in practice?

By Alisha Houlihan for AMLi

The Saudi public prosecutor’s office has sentenced eleven citizens and expatriates to a combined 52 years in prison for committing money laundering and anti-concealment.

According to a Public Prosecution source, investigations by the economic crimes unit revealed the group exploited a number of commercial entities and their branches, by receiving and transferring funds of unknown origin from their bank accounts totalling SR$10BN (€2.3BN).

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Premium

NEWS: France, Ireland and Latvia called out by EU for AML failures

 Premium

NEWS: PEPs law make politicians, families ‘guilty until proven innocent’ MPs claim in Ireland’s parliament

INSIGHT: New AML rules will change the EU’s financial crime prevention landscape for good. But what will change in practice?

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