Money laundering will have detrimental effects on economic, security and social life of people and therefore it is illegal in most of the countries.
Saudi Arabia recently introduced a new law, which imposes fine of SR 7 million or imprisonment for 3 to 15 years depending on the case.
The punishment can vary from case to case depending on the type of crime committed. The penalties can be combined if a person is part of violence during the crime.
If a non-Saudi is involved in money laundering, they will be deported after serving their sentence and will be banned from entering the kingdom for the same number of years as they served their imprisonment sentence.
Under the new law, money obtained through illegal means is a money laundering crime. Supporting and betting in such acts also come under the same bracket.
The law states that conducting transactions of property or proceeds while holding knowledge that these are a result of something illegal and helping a person to commit the crime in any way is also money laundering.
The new law is expected to bring drastic changes thanks to its strictness.