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Wednesday , September 30 2020

‘Banks played role in informing suspicious activities’

KUWAIT CITY, July 29: Kuwait Banking Association (KBA) says the local banks had played its role in reporting to the Financial Investigation Unit of the Ministry of Finance all suspicious cases of money laundering and terrorist financing that are currently being raised, in the years when those events occurred, reports Al- Anba daily. In a statement it published on its social media account, the association affirmed that the current spotlight on these cases in the Public Prosecution and the judiciary came as a result of the banks’ commitment to the directives of the Central Bank of Kuwait and to the law No. 106/2013 in reporting any suspicions directly to the Financial Investigation Unit.

As speculations intensify about the involvement of local personalities and companies in huge money laundering deals for years, an official source told the daily that local banks have reported to the Financial Investigation Unit of the Ministry Finance about more than 16 bank accounts that have witnessed huge inflation during the past two years.

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