November 11, 2017:

Dozens of Royal family members have been arrested money laundering, bribery, extortion and exploiting public office for personal gain.

King Salman has appointed or promoted 56 judges, Saudi Arabia’s a step which coincides with Anti-Corruption crackdown in Kingdom.

King issued a royal order that promoted 26 judges and appointed 30 others at the different levels of Judiciary.

Saudi authorities have arrested dozens of the royal family members, the officials and the businessmen in Anti-Graft purge that began on Saturday.

They face allegations of the money laundering, bribery, extortion and exploiting the public office for the personal gain.

It was unclear if judges will have any role in widening crackdown.

Regulators in the UAE have asked the Banks for information about the citizens detained in investigation, a possible prelude to freezing their accounts.

Saudi Arabia has announced it will confiscate the assets improperly acquired, and while Riyadh has set no timetable for any such confiscations.

According to the Banking sources more than 1,700 domestic bank accounts have already been frozen at request of Central Bank.

Huge amounts of money may be at stake as over the years corruption has siphoned off $800 billion from the Saudi State revenues and the bankers believe much of it is still held abroad, in the countries including Switzerland and Britain.

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Source - ptinews.com