The Saudi Central Bank defines fraud as “any act involving deceit to obtain a direct or indirect financial benefit by the perpetrator or by others with his help, causing a loss to the deceived party.”

Under the new law, the possible punishments for individuals convicted of committing financial crimes include up to seven years in prison and a maximum fine of SR5 million ($1.3 million).

Anyone who unlawfully appropriates money delivered to him through his work or by way of a trust, partnership, deposit or loan faces the possibility of a jail sentence of up to 5 years and a maximum fine of SR3 million.