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

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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