Kuwait Recorded 2413 Suspicions Of Money Laundering In A Year

Kuwait received more than double the number of notifications regarding suspicions of money laundering and terrorist financing during the Corona period, according to the Financial Investigation Unit's latest report. There were approximately 2413 notifications during 2020/2021, an increase of 128%, including 1354 additional notifications compared with 1059 notifications in the previous year.

The highest percentage of notifications of money laundering and terrorism financing came from banks, which accounted for 67% of the total notifications during the year, with 1,623 notifications, an increase of 128%, with 910 notifications, compared to the previous year, in which bank notifications amounted to 713 notifications, while the exchange companies sector dissolved As the second sector with the highest notification of suspicions, it submitted 776 notifications, followed by investment companies with 14 notifications, reports Al-Anba daily.

For the purpose of enhancing the information it receives from the notified authorities and enabling it to reach a decision based on the information received as reasonable evidence of suspicion, the Financial Investigation Agency requested information, data and documents 198 times from five government institutions and notified agencies.

A total of 73 requests for information from the unit in 2018 were made to the Ministry of the Interior by the unit, followed by 46 requests for information from the Ministry of Commerce and Industry. The Ministry of Justice received 42 requests for information in 2018, followed by the General Administration of Customs, which received 22 requests. Then the Kuwait Clearing Company, from which information was requested 13 times.

Financial brokerage firms, precious metals and precious stone dealers, and real estate agents did not report any suspicions of money laundering during the reporting period, according to the latest report from the Financial Investigation Unit. The notification came from only three parties, namely banks, exchange companies, and investment firms.

 

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