Kuwait- Funds laundered in ''12 top USD 1 trln - Expert 

(MENAFN - Kuwait News Agency (KUNA)) Ihab Hazem, international expert in the financial crimes, on Tuesday estimated the funds laundered worldwide last year at some USD one trillion.

"These funds include USD 500 billion - USD 500 billion that stemmed from the illicit narcotic trade," said Hazem who serves as advisor to the Cairo court of appeal - the circuit of criminal and civilian damages.

He made the remarks in a presentation, themed "the international conventions against money laundering," to a symposium.

The symposium, themed "money laundering - problems and solutions," was held at the Central Bank of the UAE under auspices of Governor Sultan Bin Nasser Al-Sweidi.

In a similar presentation to the symposium, Executive Director of the the Central Bank of the UAE in charge of the money laundering unit Abdulraheem Mohammad Al-Awadhi addressed the efforts of the UAE national commission against money laundering and suspicious cases.

He reviewed the laws adopted by the state to combat this serious economic crime as well as the related regional and international conventions joined by the UAE.

The symposium is organized by the institute of training and judicial studies in collaboration with the Bank's money laundering and suspicious cases unit with regional and international experts attending.