Protecting Public Funds: Kuwait’s Pursuit of Unjustified Wealth

This news has been read 2663 times!

KUWAIT CITY, Sept 6: The Anti-Corruption Authority, “Nazaha,” confirmed that it is “preparing a report on persons subject to the financial disclosure statement who are likely to have an unjustified increase in their accounts or property balances, and it will be sent to the Public Prosecution to take whatever action it deems necessary, reports Al-Rai daily. This came in a letter from the head of the authority, Abdulaziz Al-Ibrahim, attached by the Minister of Justice and Minister of State for Housing Affairs, Falih Al-Ruqaba, in response to a parliamentary question by Representative Muhannad Al-Sayer about suspicions of inflated accounts and properties monitored by “Nazaha.” The letter also clarified that due to the legal obligation placed on banks by Law No. 32 of 1968 to maintain the confidentiality of customer information and data, banks are the entities that have knowledge of any suspected financial inflation.

Therefore, banks are obligated to notify the Financial Investigation Unit of any suspicious financial activities related to proceeds from criminal activities or suspicious money, analyze the data, and take appropriate measures to inform the Public Prosecution, in accordance with Cabinet Resolution No. 1532 of 2013 concerning the Financial Investigation Unit. Regarding property inflation, the letter emphasized that individuals subject to financial disclosure requirements must provide a comprehensive inventory of all their assets, including cash, real estate, and movable assets, whether located inside or outside Kuwait. These disclosures are submitted on legally mandated dates.

The audit of financial disclosure statements may vary depending on the individual’s circumstances and the number of statements submitted. In cases where an unjustified increase is suspected, a report is prepared and forwarded to the Public Prosecution for appropriate action. The entire process is expected to be completed within a maximum of two months from the commencement of the examination process.

This news has been read 2663 times!

Related Articles

Back to top button

Advt Blocker Detected

Kindly disable the Ad blocker

Verified by MonsterInsights