Kuwait- Money-laundering uncovered big time 

(MENAFN - Arab Times) Three undersecretaries working for unidentified ministries are involved in secret large-scale money laundering operations, reports Al-Shahed daily quoting knowledgeable sources.

The same sources said these men began their operations through private investment and finance companies which they own and used the Central Bank of Iraq as a transit point to transfer the money into their overseas accounts taking advantage of the weak banking controls in Iraq and after 'hoodwinking' the Central Bank of Kuwait. Sources say they also used their influence and connections to cover up these operations.

The sources added the total value of the money transferred through seven companies owned by the undersecretaries and their advisers has reached KD 502 million over 3 years.

Sources say the companies have licenses to engage in investment activities in Kuwait and Iraq and using this as cover, the companies do what they want.

The sources indicated approximately KD 100 million have been laundered for the benefit of two MPs on commission.

The sources confirmed KD 5 million has been paid to one company as commission for completing the operation.

The sources said there is no control over these investment companies. These companies have the right to transfer their money for investment purposes as long as they have the licence, but will the money be invested is a million dollar question.

The sources stressed the operations and transactions of those companies should be monitored and wondered what role the agency responsible for combating money laundering plays.