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Banks record huge shady deals alerts

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98% monitored in 2018/19

KUWAIT CITY, March 29: According to statistics prepared based on official figures, the sectors of banking and money exchange are the most alerted entities about the existence of suspicious transactions linked to money laundering and terrorist financing operations. They accounted for 98 percent of the alerts monitored by the Financial Intelligence Unit in six years. The year 2018/2019 recorded the largest number of alerts in the unit’s history in the public and private sectors, reports Al-Anba daily.

The figures indicate that the Financial Intelligence Unit received 5,776 alerts on suspicions of money laundering and terrorist financing operations during the period from 2014/2015 to the end of 2019/2020. The year 2018/2019 witnessed the highest rate of alert of suspicions with 1,687 alerts, followed by the year 2019/2020 with 1059 alerts, the year 2017/2018 with 1,036 alerts, and the year 2016/2017 with 928 alerts. The year 2015/2016 came in fifth place with 740 alerts, followed by the year 2014/2015 in sixth place with 326 alerts. It is expected that the year 2020/2021 will witness a new figure of the number of alerts that may surpass the figures of all previous years.

During the six years of study, the unit received 98 percent of the alerts of suspicions of money laundering and terrorist financing from banks and money exchange companies with 5,661 alerts, distributed between 63 percent from banks with 3,541 alerts, 37 percent from exchange companies with 2,120 alerts. Alerts from the banking sector regarding suspicions of certain transactions witnessed an increase that continued over a period of six years. Out of the 3,541 alerts submitted during the six-year period, the year 2014/2015 received 180 alerts, followed by the year 2015/2016 during which banks submitted 528 alerts. The year 2016/2017 received 559 alerts, and in 2017/2018 565 alerts. The number of alerts increased in 2018/2019 to 996, and then decreased in 2019/2020 to 713 alerts.

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