Money Laundering In C Arabia

We have defined 'money laundering' as the introduction of funds obtained by illegal methods such as theft, drug trafficking, embezzlement, arms trade, bribes, smuggling, and many others. (The stage of deposit - the stage of camouflage - the integration stage), so as not to discover the source of the original gain, and each country in the world has special devices responsible for monitoring and tracking of these funds, so you can identify the criminals who do all the work Such excesses and illegal acts of It does bring them to trial.

What Are the Stages of Money Laundering

The stages of money laundering are divided into three stages (deposit stage - camouflage stage - integration stage), and we can explain them through the following:

Deposit Stage

The first stage is the 'deposit stage', which is the process of collecting the money to be washed. This is accomplished through several methods, such as transferring money from one person to another through the transfer of ownership through sale and purchase contracts in Syria or by smuggling from foreign banks to the banks. Deposit them locally to do their laundry - or through electronic transfer to electronic bank accounts - or collect them by bringing them cash), and then used to determine the activity to be laundered.

Camouflage Stage

The second stage is the stage of camouflage. The purpose of this stage is to use the funds to purchase real estate or to establish a company or to practice the work of legislating the laws of the state normally or to use them in the company in some commercial projects to gain legal status. Where the status of funds in it from being illegitimate because they are legitimate funds included in the trade, but the cost of 'public funds' in the state to search for those ways to stop them and prosecute those who do.

Integration Stage

The third stage is the 'integration phase'. This is the final phase of money laundering. In these projects, the money is repeated in many projects, so that it is difficult for the responsible parties to identify their sources while dealing with them.

What are the effects of money laundering on the state

There are many negative effects of money laundering in society, and we can explain these effects through the following:

This washing works on the withdrawal of state funds and the negative impact on the situation of the domestic economy, where investors can answer the work of washing money by entering the country, which harm the national economy.

Money laundering provides a percentage of money in the local market or so-called 'liquidity' in proportion to the state's production of goods and products, which leads to the failure to meet the needs of citizens.

Money laundering helps to evade some people from filling the tax funds, due to changing their ownership and introducing them into illegal gambling.

These funds make many people bribes and taxpayers to complete the methods of laundering their money, which may lead to the spread of corruption in many of the governmental and private institutions in which the police, judges and politicians work, but the law deters such criminal acts by following the rules of law.

The value of the local currency or what is exempted as the 'national currency' changes and declines as a result of the large increase in the state, which of course affects the local economy.

The emergence of inflation in the markets due to increased liquidity without the presence of enough goods, which is a great pressure on the local markets to provide products, and therefore the state faces an economic crisis, leading to import, and thus the country is subject to many losses.

Money Laundering in Saudi Arabia

Article 4 of the Saudi Law stipulates that the commission of illegal acts shall be criminalized by the employment of funds of unknown origin. Anyone who contravenes the provisions of Article 2 of the Penal Code shall be sentenced to imprisonment for a period not less than ten years, Less than five million Saudi riyals, and no doubt that the life of that person professionally thereafter will be destroyed for the rejection of any company or institution appointed for the alleged acts and practices of illegal.