Kuwait compiles list of companies suspected of money-laundering

KUWAIT CITY - The government authorities has reportedly compiled a list of companies suspected to be involved in money laundering operations, reports Annahar daily quoting a reliable government source.

The source, who preferred anonymity, said it is inevitable to refer companies suspected in their transactions to the Prosecution, unless they provide proof that their financial and in kind transactions are sound.

The source added that these measures come within the framework of controlling the market completely and the elimination of the real estate fraud which has affected many citizens recently, pointing at the same time to the new deterrent expected measures against any company or a violation of the rules and instructions and new controls set to eliminate real estate fraud in all its forms and methods.

The source pointed out that the concerned government authorities now know the tricks of the trade practiced by some parties during market transactions, which is followed by what resulted in the specific procedures to face those operations.

Finally, the government has stepped up its procedures in the pursuit of suspicious money movement through the cooperation of supervision characterized by integration and coordination between the Central Bank and the Financial Investigation Unit and the Ministry of Commerce and local and external parties to control money laundering.

In the event of notification of the issuance of decisions of grabbing hands or freezing of accounts of individuals or companies convicted by the Kuwaiti judiciary, the banks shall be immediately instructed to comply with this and to provide the competent authority all information with regard to implementing the decision.

In the past year, real measures were taken to counter real estate fraud, including the transfer of 449 complaints related to property fraud to the Public Prosecution, while preventing the companies and institutions participating in the real estate exhibitions from conducting transactions of selling or concluding contracts. Estimates indicate that thousands of Kuwaitis were subjected to real estate fraud operations inside and outside Kuwait.