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Tuesday , November 13 2018

Tag Archives: money laundering

Precautionary procedures issued against 44 firms for violating Law No 106/13 in Oct

Dept eyes closing down 14 realty, jewellery cos KUWAIT CITY, Nov 12: Ministry of Commerce and Industry said in a press release that the Department for Fighting Money Laundering and Terrorism Financing had issued precautionary procedures against 44 companies that violated Law No. 106/2013 in the month of October, reports …

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US imposes ‘sanctions’ on Iraqi money exchange

WASHINGTON, Oct 17, (Agencies): The US Treasury imposed sanctions on Wednesday on an Iraq-based money services business, Afaq Dubai, believed to be moving funds for the Islamic State militant group. The Treasury’s Office of Foreign Assets Control added Afaq Dubai to its list of specially designated global terrorists for “assisting …

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‘Law exposes many people’ – ‘Onus on lawyers’

KUWAIT CITY, Oct 3: The Anti- Money Laundering Law applies to financial institutions and certain professions like lawyers, paralegals and accountants due to their role in processing transactions for their clients, Attorney Dr Bader Al-Mullah said in a symposium on money laundering crimes between incrimination and prevention held recently at …

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US hails Kuwait’s efforts to tackle terrorism, financing

Mediation role praised WASHINGTON, Sept 20, (KUNA): The US praised the Kuwaiti government for its efforts to combat terrorism and encourage moderation. This includes Kuwait’s implementation of United Nations Security Council sanctions on both the Islamic State and al-Qaeda groups, and joining initiatives to combat the financing of terror, the …

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Prosecutors want 11 yrs jail for ex-Barca boss Rosell

Chievo to stay in Serie A after case thrown out MADRID, July 25, (AFP): Spanish prosecutors said Wednesday they want former Barcelona president Sandro Rosell to be jailed for 11 years and fined 59 million euros ($69 million) for alleged money laundering related to television rights and sponsorship in Brazil. …

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7 currency exchange houses in UAE punished

ABU DHABI: The United Arab Emirates’ decision to punish seven currency exchange houses is unrelated to a crackdown on a network funnelling illicit funds to Iran, the UAE central bank said on Sunday. “The seven exchange houses had their licences downgraded because they were found to be in violation of …

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Kuwaiti acquitted of money laundering – No crime committed: lawyer

KUWAIT CITY, May 6: The Criminal Court has acquitted a Kuwaiti man of money laundering and usury involving a sum of KD 18,000. The Public Prosecution Department charged the man for laundering KD 18,300 within a period of five months by deliberately obtaining money, possessing, using and transferring the sum …

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Ministry imposes new controls on financial transfer overseas

KUWAIT CITY, April 29: Assistant Undersecretary for Social Development Sector Affairs at the Ministry of Social Affairs and Labor Hana’a Al-Hajri has said the ministry has imposed new controls on the transfer of money (donations) outside the country, reports Al-Jarida daily. Al-Hajri said written approval is needed from the Ministry …

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Employees of real estate company accused of laundering KD 8m freed

KUWAIT CITY, April 10: Detention Renewal Judge at the Criminal Court released the employees of a major real-estate company who were accused of money laundering amounts reaching KD 8 million. The defense counsel Lawyer Abdulwahab Bin Salama stressed that the reasons for remanding his clients do not exist, assuring that …

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Six accused of money laundering given 10 yrs jail … 7th gets 3 yrs

KUWAIT CITY, April 2: The Criminal Court presided over by Judge Nayef Al-Dahoum sentenced six suspects, who are accused of money laundering, to ten-year imprisonment, and the seventh suspect to three-year imprisonment for swindling people through fake real estate projects. The court obligated the suspects to pay compensation worth KD …

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