SR 3 million fine for those whose Bank balance is more than their income !!!

Saudi Arabia

we all know that Saudi Arabia is a very strict country in which you can’t do anything illegal . if you are willing to do then you will have to face strict punishment by the government . however if your bank balance is more than your legal income than i think it is dangerous for you because it seems like you have done money laundring.

What is money Laundring ??

Money laundering is the process of transforming the profits of crime and corruption into ostensibly “legitimate” assets. In a number of legal and regulatory systems, however, the term money laundering has become conflated with other forms of financial and business crime, and is sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions.Most anti-money laundering laws openly conflate money laundering (which is concerned with source of funds) with terrorism financing (which is concerned with destination of funds) when regulating the financial system.

Some countries define money laundering as obfuscating sources of money, either intentionally or by merely using financial systems or services that do not identify or track sources or destinations. Other countries define money laundering in such a way as to include money from activity that would have been a crime in that country, even if the activity was legal where the actual conduct occurred.There has been some criticism of anti-money laundering laws with some commentators saying that this broad brush of applying money laundering to incidental, extraterritorial, or simply privacy-seeking behaviors is like a financial thought crime .

Saudi guy caught red handed in money laundering !!

There was a saudi guy involved in money laundering . The culprit was caught when his bank account started to increase steadily an reached 2 Billion Riyals . Then bank contacted the concerning authorities and they told the matter to them. The person was found guilty in  money laundering and  was caught by Anti-money laundering department and they took him into custody and then imposed a  fine of   3 million SR  on the man who was found guilty in money laundering .

His case was reviewed by the court in Jeddah in June last year and he was allowed to challenge the verdict.

However, the Court of Appeals upheld the initial sentencing.

Saudi Arabia enacted its anti-money laundering law in 2003, but amended it later after several members of the Shura Council, the national advisory body, called for changes to some of its articles, as well as for adopting additional articles in order to ensure greater oversight and establish an anti-money laundering system.

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2 Comments

  1. How about if I saved all my monthly earnings on my ATM and I will widrawned it in case of badly needed and remmitting it to my family.
    Is it money laudering ???

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