Money laundering and commercial concealment (tasattur)
Introduction
Advising and defending in money laundering cases, and in commercial concealment, where a business is run by someone not entitled to own it.
Money laundering cases can follow from almost any economic crime: the proceeds of fraud, bribery or tax evasion passed through accounts, companies or assets. The Anti-Money Laundering Law carries severe penalties for individuals, and fines and other sanctions for companies, and investigations can freeze assets at an early stage.
Commercial concealment, known as tasattur, is particular to the Kingdom: a non-Saudi running a business in a Saudi's name, or outside the licence they hold. The Anti-Concealment Law punishes both parties with imprisonment of up to five years, fines of up to SAR 5 million and confiscation, while the Investment Law now offers lawful routes to foreign ownership.
We defend companies and individuals in investigations and trials, review structures that may amount to concealment, and help regularise them through lawful ownership before they become a case.
How we help
What the work covers
Defence
Representation in money laundering investigations and trials.
Asset measures
Challenging freezes and protecting legitimate funds.
Concealment review
Reviewing ownership and management structures for concealment risk.
Regularisation
Moving to lawful ownership through registration with the Ministry of Investment.
Contact