Kuwait Times

Published Date: May 27, 2007
By Nawara Fattahova, Staff writer

KUWAIT:  The anti-money laundering office at the Ministry of Commerce and Industry held a symposium yesterday at the Chamber of Commerce and Industry entitled 'Participate with Us on Fighting Money Laundering'. This symposium was held under the auspices of Falah Al-Hajiri, the minister of commerce and industry. Money laundering is one of the most dangerous issues locally and internationally. "The term 'money laundering' became one of the most used terms in the economic, political, and legal terminology as most countries are suffering from it.

It seriously threatens the economic, social, and cultural stability of a country and can even affect the stock market that receives the money. The main reason money launderers join in the stock exchange is not for investment, but to launder money," said Rasheed Al-Tabtabai, undersecretary of the Ministry of Commerce and Industry.

This problem is enlarged because syndicate gangs are organizing it. "The gangs practicing this crime have the abilities and special instruments to do this. They also have a high and strong education in economics, accounting, law, and IT. They exploit the stock exchange by using advanced telecommunication technology that allows them to make electronic transactions within a few seconds," he added.

The International Financial Fund's statistics show the level of danger of  money laundering. "The percentages of money laundry transactions are more than we can imagine. It has reached two to five percent of the total local product of the international total. This has led  international organizations and societies to increase their efforts to fight this dangerous phenomenon and limit it. One of the ways is holding symposiums such as this one," Al-Tabtabai further said.
     
Money laundering is not widespread in Kuwait. "It's still in the normal criteria. This is thanks to the government's efforts in fighting corruption and applying international treaties and conventions. The Kuwaiti legal system forbids money laundering and has issued the law number 35/2002 regarding money laundering in addition to other regulations. Also special permits regulate donations in Kuwait. Trading in the Kuwait Stock Exchange is controlled by the Ministry as well," he pointed out.
 
This symposium included eight lectures presented by officials from different fields. Sheikh Nimir Al-Fahad Al-Sabah, Head of The Money Laundry Fighting Office of the Ministry of Commerce and Industry, presented the first lecture, which was titled 'The role of the Ministry of Commerce in fighting the money laundry'.
  
Money laundering is also connected to religion. Dr. Mohammed Al-Tabtabai, Kuwait University's dean of Sharia Faculty, presented a religious study about money laundering. Other authorities also participated their lectures such as the Ministry of Social Affairs and Labor, the Customs Department, the Banks Union, the Ministry of Interior, Kuwait Central Bank, and the lawyer Abdulmajeed Khoreibit.