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Saudi Arabia

215 convicted of money laundering in one year

JEDDAH: Between 2015-2016, 66 Saudis and 149 residents were convicted of money laundering.
The number convicted included 15 Saudis and 28 residents in Riyadh; 18 Saudis and 41 residents in Makkah; two Saudis and seven residents in Madinah; three residents in Al-Qasim; 25 Saudis and 66 residents in Al Sharkiya; and five Saudis and four residents in Asir.
Lawyer Ahmed Al-Shehri said that money laundering is one of the most common criminal operations in the world, which is why all countries fight against these crimes.
Money laundering practices differ; therefore, educating employees working in the fields of finance, real estate and money exchange is a must. Banks are implementing training programs for their employees to learn to detect money laundering operations and methods of dealing with them, he indicated.
Al-Watan was informed by a knowledgeable source that in the Kingdom, private financial institutions and other commercial companies specialized in real estate and exchange deals are conducting training sessions for their employees to master methods of detecting money laundering. This initiative was taken to prevent the companies and institutions from becoming involved in such operations.

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