Seven expatriates are currently on trial in Kuwait on charges of money laundering by illegally raking in 60.3 million Kuwaiti dinars (roughly $196.5 million) between July 2019 and October 2021.
The defendants are suspected of being part of an organised crime gang, consisting of three Jordanians, two Egyptians and two Iranians, according to local news site Al-Anba.
State prosecutors say some of the suspects were involved in illegally collecting funds through a foreign exchange firm they set up, and handing the money to two co-defendants who deposited it in bank accounts belonging to three companies “factiously licensed” to import and export.
All seven are also charged with harming the national interests of Kuwait and undermining the country’s anti-money laundering and anti-terrorism financing measures.
Last month, as part of Kuwait’s commitment to combating money laundering and financing terrorism, the Central Bank of Kuwait instructed all banks to submit data on incoming and outgoing money transfers.
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