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June 19, 2024
PI Global Investments
Gold

5 year jail for expat convicted of attempting to smuggle 16 gold bars



Saudi Gazette report

RIYADH — An expatriate was sentenced to five years in prison after convicted of attempting to smuggle 16 gold bars out of Saudi Arabia. A court ordered confiscation of the proceeds of the crime, and his deportation after serving the jail term, according to a statement from the Public Prosecution, carried by Saudi Press Agency.

The economic crimes wing at the Public Prosecution has completed its investigations into the money laundering crime. The expatriate attempted to smuggle 16 gold bars of 24-carat, weighing approximately two kilograms through an international airport. It was found that the expatriate was secretly hiding the gold inside a bag that he was carrying with him while traveling to his country.

The Public Prosecution stressed its keenness not to allow misusing precious metals in money laundering crimes. “Whoever dares to harm the Kingdom’s economy, he will be referred to the competent court to demand severe penalties,” he said.



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