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Saudi banks recalled the concept of money laundering crime and its stages, as well as the sanctions that affect its participants.
She explained that the crime of money laundering involves obtaining funds from illegal sources and then cleaning them up in three basic steps: deposit, hedging and merging.
She pointed out that the deposit phase includes the process of entering funds from an illegal source into the financial system, and the hedging phase includes the transfer and transfer of funds for the purpose of concealing the origin of their sources.
She noted that the third step is the merger phase, which includes the reintroduction of money into the legitimate economic system, through the purchase of expensive products and the purchase of assets, stocks and the like.
And he called for the need to avoid helping a stranger, depositing money or transferring money for any reason, or dealing with entities or people who use people as intermediaries for them in the money laundering.
She pointed out that the penalty for complicity in the crime of money laundering is equivalent to a fine of 7 million riyals and 15 years’ imprisonment, or one of these two penalties, with confiscation of money and a travel ban. with the same years of imprisonment, in addition to deportation from the country if the perpetrator is a resident.
What is money laundering !? # Saudi_banksMoney laundering is a crime pic.twitter.com/rwbcLgColV
– Saudi Banks (@SaudiBanks) December 6, 2020
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