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Kuwait City, August 12: Recent remarks by Deputy Prime Minister, Minister of Defense and Minister of the Interior Sheikh Fahad Youssef have reinvigorated efforts to address the growing problem of money laundering in Kuwait. Experts and legal professionals consider these remarks as an important step in curbing financial crimes that threaten society and the country’s economy. In an exclusive investigation by Al-Seyassah Daily, legal experts highlighted new trends in money laundering, particularly the use of banking relationships to defraud victims.
These links often involve fake employment schemes or similar means of money laundering. Lawyer Jarrah Mubarak Alwawan praised Sheikh Fahad Al Yusuf for highlighting his commitment to stopping money launderers, acknowledging that Kuwait is carrying out reforms in various areas. However, Alwawan expressed concern about the increase in the number of money laundering cases in recent years. He stressed that one of the latest methods used by money laundering gangs is the use of bank links. For example, one person may owe money to another and when repayment is requested, instruct the debtor to transfer the funds to a bank link.
The debtor later discovered that the link belonged to a third party who laundered money through such transactions. Al-Wawan stressed the importance of raising awareness about these schemes. While technological advancements have greatly facilitated banking services, they have also created new opportunities for financial crimes. He advocated a thorough review and revision of money laundering laws to close existing loopholes and effectively combat these sophisticated crimes.
Al-Wawan also highlighted several fraudulent tactics used by money launderers. Scammers often post fake job offers, asking for a payment of 20 dinars per link as a starting point to lure victims. These fake job offers are often promoted through social media platforms as a cover for criminal activities. Scammers use these opportunities to trick people into investing in non-existent businesses or conducting financial transactions on behalf of unknown entities. These attractive job offers, which often promise high salaries and easy work, can have serious consequences for unsuspecting victims. In addition, Al-Wawan pointed out that small exchanges often engage in money laundering by splitting up large sums of money and transferring them abroad. In order to effectively combat these tactics, he stressed the need to amend the Money Laundering Law No. 106 of 2013. The law currently has several legal loopholes, and money laundering groups are adept at using modern technology to carry out their activities.
Furthermore, Al-Wawan explained that money laundering gangs use various methods of communication, including phone calls and emails, digital platforms such as Facebook, Twitter and Instagram, to target victims. These gangs make attractive offers to lure victims into their traps. Once victims fall into these traps, they are usually instructed to open bank accounts to process transactions on behalf of these criminal networks. After a period of time, the scammers disappear and the victims face legal consequences. In Kuwait, the Penal Code provides severe penalties for fraud and deception crimes, including prison sentences and heavy fines. The Money Laundering Law No. 106 of 2013 provides for severe penalties, including up to 10 years in prison and heavy fines, which can be twice the value of the illicit funds involved. Al-Wawan concluded by stressing the importance of raising awareness about these fraudulent schemes. Individuals should be cautious of job opportunities that require access to personal bank accounts and report suspicions of fraud or money laundering. Awareness campaigns should focus on educating the public about the risks associated with bank contacts and money laundering.
Manal Al-Kandari, former secretary-general of the Transparency Institute and an expert on transparency and integrity, supported Al-Yousef’s recent statement. She praised the Ministry of Interior for its proactive steps to protect the country from financial crime and stressed the need to educate young entrepreneurs to avoid falling victim to money laundering scams. Al-Kandari warned that the misuse of social media plays a major role in the surge in money laundering cases. Social media platforms have become a major tool for deception and fraud. She cited examples of global economic crimes, including piracy, which involves laundering and investing stolen gold. Al-Kandari noted that money laundering techniques are not limited to luxury goods and real estate. Money launderers may also purchase valuable items such as antiques and jewelry, or invest in numerous businesses, restaurants and resorts. These assets are often purchased at high prices and then resold at low prices to conceal the source of the funds. This practice not only undermines the economy, but also exacerbates social inequality, as those with illegal wealth can dominate the market, squeezing out legitimate businesses and individuals. Kandari stressed the need for stricter laws and enforcement to combat these practices. She called for the launch of the “Where did you get this?” law to protect Kuwait from financial crimes that are driving up inflation and widening the gap between different social classes.
Psychology expert Dr Ahmed Salama highlighted the psychological impact of money laundering. The apparent disparity between those who have gained wealth through hard work and those who have obtained it through illegal means can lead to disappointment among honest and hardworking people. Young and ambitious people may become frustrated when they see others who have not taken the same path of hard work and integrity yet have achieved great wealth. Similarly, hardworking employees may become frustrated when they see money launderers enjoying a lavish lifestyle while they themselves struggle to make ends meet. Furthermore, Dr Salama pointed out that there is a worrying correlation between money laundering and the spread of drug abuse. Drug dealers often launder money to legalize their proceeds, thus exacerbating the drug problem in society. He urged young people and hardworking workers to remember that making money legally is fundamental and that illegal money is ultimately worthless and cannot meet real needs.
Khaled Mohammad, an expert in administrative and information sciences, discussed various methods of money laundering. He believed that stealing bank data and misusing it for money laundering activities was particularly dangerous. He said that one method is to send a bank link to an individual and then ask them to transfer funds to the money launderer’s account. These operations often involve splitting large sums of money into small amounts to conceal their origin. Mohammed also pointed out that some people use fake job opportunities to manipulate bank accounts and transactions through exchanges. Recommendations to combat money laundering include strengthening anti-money laundering measures, raising community awareness, avoiding suspicious contacts, reporting suspicious activities, addressing the gap between the rich and the poor, and monitoring currency markets.
By Najeh Bilal
Al-Seyassah/Arab Times Staff
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