Jeddah has topped the list of Saudi cities for having the highest number of money laundering cases in the last two years, local media said quoting reliable sources.

The General Court in Jeddah has reportedly received 53 money laundering lawsuits filed against 22 Saudis and 31 expatriates, Al-Watan daily. The lawsuits varied between anonymous bank transfers worth over SR3 million, attempts to legalize funds taken by illegal means, profiting from public office, fraud on citizens, collection of funds illegally, and other criminal cases which fall within the money laundering act, the daily said.

Professor of Law at King Abdulaziz University Dr. Waih Luqman said money laundering is a crime punishable by Saudi law as it has a negative impact on the community at economic and global levels. “This is because the majority of funds are generated from acts related to narcotics, terrorism, robbery, and corruption,” she explained.

Individuals and companies engaged in money laundering activities try to get quick profits by working covertly under a legal and officially registered business whereby their generated funds would seem legal. “However, this is known as money laundering which is a punishable crime by law worldwide, including Saudi Arabia,” she said.

She said the Bureau of Investigation and General Prosecution (BIGP) is the body entitled to look into money laundering cases and investigate all financial, non-financial and non-profit institutions if evidence proves that such activities are stipulated in the money laundering act.