![[Kuwait] Trial of 7 expats accused of $200m money laundering scheme](http://globalpayrollassociation.com/cdn/shop/articles/bigstock-Central-Bank-Of-Kuwait-Buildin-79968344_1200x.jpg?v=1652716648)
In Kuwait, seven expatriates are currently on trial on charges of money laundering by illegally accumulating 60.3 million Kuwaiti dinars (roughly $196.5 million) between July 2019 and October 2021, Middle East Monitor reports.
The defendants are suspected of being part of an organised crime gang, consisting of three Jordanians, two Egyptians and two Iranians, according to local news site Al-Anba.
State prosecutors have said some of the suspects were involved in illegally collecting funds through a foreign exchange firm they established and handing the money to two co-defendants who deposited it in bank accounts belonging to three companies "factiously licensed" to import and export.
All seven are also reportedly charged with harming the national interests of Kuwait and undermining the country's anti-money laundering and anti-terrorism financing measures.
In April, as part of Kuwait's commitment to combating money laundering and financing terrorism, the Central Bank of Kuwait instructed all banks to submit data on incoming and outgoing money transfers.
Source: Middle East Monitor
(links via original reporting)
In Kuwait, seven expatriates are currently on trial on charges of money laundering by illegally accumulating 60.3 million Kuwaiti dinars (roughly $196.5 million) between July 2019 and October 2021, Middle East Monitor reports.
The defendants are suspected of being part of an organised crime gang, consisting of three Jordanians, two Egyptians and two Iranians, according to local news site Al-Anba.
State prosecutors have said some of the suspects were involved in illegally collecting funds through a foreign exchange firm they established and handing the money to two co-defendants who deposited it in bank accounts belonging to three companies "factiously licensed" to import and export.
All seven are also reportedly charged with harming the national interests of Kuwait and undermining the country's anti-money laundering and anti-terrorism financing measures.
In April, as part of Kuwait's commitment to combating money laundering and financing terrorism, the Central Bank of Kuwait instructed all banks to submit data on incoming and outgoing money transfers.
Source: Middle East Monitor
(links via original reporting)