Riyadh: The Saudi cabinet on Tuesday approved Saudi Arabia's new anti-benami law, which includes heavy penalties and fines.
Violators face up to five years in prison and a fine of up to 50 lakh riyals. Earlier, he was jailed for two years and fined one million riyals. In addition, earlier penalties, such as deportation and other revocation of the company's license, apply to life imprisonment in the case of a foreigner.
The law, passed by the Saudi Shura Council last month, aims to curb benami sources and eliminate the shadow economy, the commerce ministry said.
The new law requires that any information provided by benefactors be protected from inclusion in the case files. In addition, those who provide up to 30 percent of the fine will be rewarded.
The government had yesterday set up a special ministerial-level committee to prevent benami transactions such as foreigners secretly exercising ownership in the commercial sector in the name of Saudi citizens. In short, the Saudi authorities have decided to put their noses to the benefactors.
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