Kuwait's Pursuit Of Unjustified Wealth: Protecting Public Funds

As reported by Al-Rai daily, the Anti-Corruption Authority, “Nazaha,” is preparing a report on people subject to financial disclosure statements who are likely to have unjustified increases in their accounts or property balances. This report will be sent to the Public Prosecution to be considered for action, if necessary. This came in a letter from the head of the authority, Abdulaziz Al-Ibrahim, attached by the Minister of Justice and Minister of State for Housing Affairs, Falih Al-Ruqaba, in response to a parliamentary question by Representative Muhannad Al-Sayer about suspicions of inflated accounts and properties monitored by “Nazaha.” The letter also clarified that due to the legal obligation placed on banks by Law No. 32 of 1968 to maintain the confidentiality of customer information and data, banks are the entities that have knowledge of any suspected financial inflation.

Banks are therefore required to report suspicious financial activities related to proceeds from criminal activities or suspicious money to the Financial Investigation Unit, analyze the data, and take appropriate measures to inform the Public Prosecution, in accordance with Cabinet Resolution No. 1532 of 2013 concerning the Financial Investigation Unit. Regarding property inflation, the letter emphasized that individuals subject to financial disclosure requirements must provide a comprehensive inventory of all their assets, including cash, real estate, and movable assets, whether located inside or outside Kuwait. These disclosures are submitted on legally mandated dates.

Depending on the individual's circumstances and the number of statements submitted, the audit of financial disclosure statements may vary. In cases where an unjustified increase is suspected, a report is prepared and forwarded to the Public Prosecution for appropriate action. From the beginning of the examination process, the entire process should be completed within two months.

 

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