KUWAIT CITY, Feb 8: A recent government report revealed that the Financial Investigations Unit (FIU) received 2,570 notifications about suspected money laundering or financing terrorism within a year, as Article 16 of the executive regulations of the Anti-Money Laundering and Financing Terrorism Law mandates financial institutions and non-financial businesses and professions to notify the unit about suspicious transactions and relevant information within two business days at the latest.

This is the ninth report issued by the unit and the daily obtained a copy. It is stated that the banking sector submitted the highest number of notifications with 1,977 or 77 percent of the total, followed by money exchange companies with 566 or 22 percent, electronic payment companies with 20, financial brokerage companies with five, and then companies trading in precious metals and gemstones and financing companies with one each. The unit has the power to obtain any information or document it deems necessary in performing its duties from the concerned authorities, notified entities and counterpart units under Article 18 of Law No. 106/2013. According to the report, the unit requested information from the concerned authorities to complete its report for fiscal 2023/2024 to complement the data it received from the notified parties and for it to make the right decision; considering the received information a reasonable evidence of suspicion.

The number of information requests that the unit submitted to five competent authorities reached 581 with the Ministry of Interior accounting for the largest percentage at 34 percent or 199 requests, followed by the Ministry of Commerce and Industry at 21 percent or 122 requests, Ministry of Justice at 18.4 percent or 107 requests, Kuwait Clearing Company with 87 requests, and Kuwait General Administration of Customs with 66 requests. As per the law, the unit has the right to notify the Public Prosecution if it has reasonable evidence to suspect that funds are derived from a crime or linked to, related to, or can be used to carry out money laundering or financing terrorism operations following Article 19 of Law 106/2013; in addition to the possibility of referring relevant information to the concerned authorities. Moreover, the unit submitted 101 reports to the prosecution, including 61 notifications, information referrals, and international cooperation referrals; as well as 99 to the concerned authorities; including 22 notifications, information referrals and international cooperation referrals. These referrals include a report with more than one notification. In terms of cooperation with counterpart units, international cooperation is carried out through a mechanism for exchanging information on combating money laundering and financing terrorism in terms of requesting and receiving information with counterpart units or making it available as per the established procedures and the principles of Egmont Group. The number of received information requests reached 33, while the number of referral requests totaled 16 and the number of information requests reached six -- a total of 55.