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Kuwait financial sector may draw money launderers – IMF

Kuwait financial sector may draw money launderers – IMF

Rapid growth of Kuwait's financial sector could create an attractive environment for money launderers and terrorism financiers, the International Monetary Fund said in a report.

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September 5, 2011 10:23 by



“Although there is currently no evidence of significant money-laundering in the country, Kuwait’s financial sector is growing rapidly in terms of banking sector assets,” the IMF said in a report published on the fund’s website www.imf.org.

“This development has the potential of creating a suitable environment for money launderers and terrorist financers to exploit,” it said.

The OPEC member has introduced an anti-money laundering law in 2002 regulating financial institutions, but does not criminalize financing of terrorism. A new draft law was sent to the national assembly in 2007 but has not yet been adopted.

Banking assets in Kuwait almost doubled over the past five years to 42.1 billion dinars ($154.5 billion) at the end of June, the central bank’s data showed.



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