The International Monitory Fund (IMF) has disclosed that 210 cases of money laundering were detected in Kuwait. The report said all cases were referred to the Public Prosecution and 29 of the suspects have been convicted of wrong doing, 15 have been acquitted while the cases of others are being investigated, reports Al-Shahed daily.

The report issued by the IMF says the size of the deposits is not important, irrespective whether they were millions or not, but the important thing is the source of this money and whether these accusations are true or false.

The report stresses the need to comply with international treaties related to ‘political’ since Kuwait is a signatory of these treaties. It is also important to issue correct supervisory reports periodically.
The report noted this issue needs to be addressed seriously, because in Kuwait, until 2002 there was no law to punish money laundering accused.

The source pointed out that Kuwait’s image is at stake due to the deposits issues. The source added the case is of grave seriousness and will damage Kuwait’s image overseas in addition to repercussions that will follow in the regional and global level.

Referring Kuwaiti lawmakers to the prosecution for accepting bribe money is a serious issue which shows fighting corruption in Kuwait has become necessary, the report said. The report also indicated that the absence of assets and financial disclosure law is leading to holding to account the giver and taker of the bribe money.

The report affirms there is corruption in Kuwait and in other countries and this is normal practice, but when the rate of corruption goes up sharply, then there must be a pause because that will cause to Kuwait as a sovereign state regionally and internationally and even on the internal front.

The source attributed the millions of dinars deposit case to a conflict among thieves, which is the main cause for surfacing a number of previous and current scandals. The source stressed more scandals will subsequently surface over the next days. The report considers Kuwait a state of institutions but they are institutions in appearance not real.

The report added the suspicious deposits exited for long time, it is not a new issue, but the money involved was not huge. The report asks who is responsible for disclosing the bank secrets and says managers cannot absolve themselves of the responsibility.

The IMF has called on the Central Bank of Kuwait to disclose accounts of all managers of the banks. - Arab Times