Mar.29, 2010

KUWAIT CITY, March 28-Any person who hides illegally acquired money can be implicated in a money laundering case as stipulated in Article One of the Anti-Money Laundering Law, reports Al-Seyassah daily quoting Attorney Musaed Al-Rubahi. Al-Rubahi made this assertion in a symposium entitled “Money Laundering in Kuwaiti Legal Perspective” organized recently by the law firm of Mohammad Musaed Al-Saleh. Pointing out that laundered funds enter Kuwait illegally without payment of tax, Al-Rubahi warned this practice has an adverse effect on economic development, since those who are engaged in this activity control the economy through ownership of major companies, banks and industries, while tarnishing the image of the country.

“Kuwait is keen on protecting its image in the international community; hence, the promulgation of the Anti-Money Laundering Law,” Al-Rubahi opined. Commenting on the same issue, Attorney Mohammad The’ar Al-Otaibi said money laundering provides a perfect environment for criminal activities to thrive.  He pointed out this practice is detrimental to the nation as it destabilizes security and encourages corruption among public officials and individuals. Al-Otaibi added the establishment of bogus companies to deposit and wire laundered money under the guise of commercial transactions, as well as sale of commodities at lower prices to obtain the targeted amount and involvement in fake share purchase, are some of the tricks of major players in this game.