RIYADH, June 18: Saudi Arabia has promulgated laws imposing stiff penalties for money-laundering, the secretary-general of the Saudi Consultative Council (Majlis-e-Shoura) Hamoud Al-Badr told the press here.

The 29-article law stipulates jail terms of up to 15 years and a fine of SR7 million ($1.86 million) for those who carry out money laundering through charities or organized gangs.

Saudi and Gulf banking circles have been under tremendous US pressure in recent years to clamp down on charities and channelling of funds to organisations accused of ‘terrorism’.

The same penalty applies to offenders who use violence or arms and those who indulge in trafficking of women and children.