The money laundering crime arises in the event that a person or an institution gives legitimacy to funds obtained from other crimes known in the anti-money laundering system as predicate offenses, in order to avoid the punishment of those predicate offenses.
Predicate crimes include all criminal acts committed inside the Kingdom of Saudi Arabia, and every act committed outside it if it is considered a crime according to the laws of the country in which it was committed and in accordance with the Sharia or the Kingdom’s regulations if it was committed inside it.
Whoever commits the crime of money laundering is punished with imprisonment for a period of no less than two years and not exceeding ten years, or a fine not exceeding five million riyals, or with both punishments, and a Saudi who is sentenced to imprisonment for the crime of money laundering is prohibited from traveling outside the Kingdom for a period similar to the term of imprisonment. Likewise, a non-Saudi convicted of money laundering is deported from the Kingdom after the execution of the sentenced sentence, and he is not allowed to return to it.
In addition to these penalties, funds related to the crime of money laundering are confiscated as follows:
– Laundered funds: the assets, economic resources, or property, whatever their value, type, or method of possession, whether tangible or intangible, movable or immovable, tangible or intangible, and documents, instruments, documents, transfers and letters of credit of whatever form. Whether inside or outside the Kingdom, this includes electronic or digital systems, bank credits that indicate ownership or interest in them, as well as all types of commercial and financial papers, or any interest, profits or other income generated from these funds.
– Proceeds: These are funds generated or obtained, whether inside or outside the Kingdom, directly or indirectly from the commission of a predicate offense, including funds that have been transferred or completely or partly converted into similar funds.
Confiscation of funds related to the crime of money laundering
Media: It is all that was prepared, intended, intended to be used, or actually used in the commission of a crime.
The competent court shall rule to confiscate funds related to a money laundering crime, regardless of whether it is in the possession or ownership of the perpetrator or another party, and it may not be confiscated when the owner of it proves that he obtained it for a fair price or for providing a service commensurate with its value, or he obtained it based on reasons Other legitimate and that he was ignorant of its illegal source.
If the confiscation of funds related to the crime of money laundering is not possible because it is no longer available for confiscation or its location cannot be determined, then the competent court shall rule to confiscate other funds owned by the perpetrator of the crime that are similar to the value of those funds, and if the value of the proceeds of the crime ordered to be confiscated is less than the value of the proceeds arising from the original crime then The competent court may order the confiscation of other funds of the perpetrator of the crime that supplement the value of the proceeds ordered to be confiscated.
The competent court may also revoke some activities or works or prevent their implementation, whether contractual or otherwise, when the parties, one of them, or someone like them knew that these activities or actions would affect the ability of the competent authorities to recover the funds subject to confiscation.
The competent court shall rule to confiscate funds related to the crime of money laundering that are not based on a conviction in the event that the perpetrator cannot be prosecuted because of his death, escape, absence, or anonymity.
In the end, the confiscated funds revert to the public treasury of the Kingdom, and these funds remain loaded, within the limits of their value, with any rights legally determined for any other bona fide party.
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