Saudi Arabia issues new rules for corruption cases financial settlements

RIYADH: Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud approved and issued new financial settlement guidelines for individuals and organisations engaged in corruption cases in Saudi Arabia, with the goal of recouping embezzled money and guaranteeing prompt justice in these situations.

Mazen Al-Kahmous, the chairman of the Oversight and Anti-Corruption Authority (Nazaha), thanked King Salman and Crown Prince Mohammed bin Salman for approving these rules.

Mazen Al-Kahmous said that the regulations would improve the effectiveness of financial corruption investigations in Saudi Arabia and settlements while also aiding in the recovery of public monies that have been embezzled.

Al-Kahmous emphasised that the new settlement methods are a type of voluntary justice and urged people to use them.

Additionally, he affirmed that those who willingly accept settlements for financial corruption violations committed prior to the royal decree will not face criminal prosecution.

Nazaha can now enter settlement agreements with people and organizations that voluntarily report corruption incidents that occurred before November 4, 2017, and were previously unknown, thanks to recently passed laws that go into force immediately.

Under the new regulations, anybody who enters into a settlement must pay a five percent yearly penalty on the misappropriated money, computed from the time of the violation until complete payback, and return or recover stolen monies, including any profits made from them.

Those who engage into a settlement will not be prosecuted in public if the corruption case and any associated violations are fully disclosed.

Once the head of the Investigation and Prosecution Unit signs and approves the agreement, it becomes legally enforceable and cannot be challenged.

Individuals have up to three years to complete their responsibilities under the settlement agreement. Criminal charges will be brought against them if they don’t comply within this time range.

The state treasury will get all recovered monies. However, if they completely adhere to the conditions of the settlement, those who voluntarily come forward within a year of the decree’s issuing will not be charged the five percent penalty cost.

Those who have already been found guilty, are on trial, or are being investigated for corruption violations prior to the decree’s issuing are also given settlement choices under the regulations. Nevertheless, direct royal consent is necessary for these colonies.

Those convicted who completely adhere to the conditions of the settlement might have their jail terms lowered or eliminated.

If someone voluntarily comes forward before being discovered, the government may also apply the settlement structure to those who commit corruption violations after the decree is issued. Subject to royal consent, courts may in some situations postpone sentences or apply the minimal punishment.

The Oversight and Anti-Corruption Authority will report every two years on the number of settlements, the amounts recovered, and any further suggestions for dealing with corruption-related matters as part of the implementation. King Salman will be shown these reports for his consideration.

Any settlement agreements reached previous to the decree’s issuing are unaffected, guaranteeing that earlier settlements are still enforceable and final.