Cairo: A Kuwaiti criminal court has started trying seven expatriates on charges of money laundering by illegally raking in over KD60 million, a local newspaper has reported.
The defendants are two Iranian nationals, three Jordanians, and two Egyptians, in addition to three local trade companies, Al Anba added.
The defendants are charged with setting up an organised criminal group pursuing money laundering. Prosecutors have accused them of setting up the group that committed the crime of money laundering of around KD60.3 million during the period from July 1 2019 to October 10, 2021.
Some of the defendants are charged of illegally collecting the money through a foreign exchange firm they run and handing the money to two co-defendants who deposited it in bank accounts belong to three companies licensed to carry out import and export activities.
All the defendants in the case are also charged with pursuing an activity damaging Kuwait’s national interests by unlawfully setting up a huge financial system outside the state oversight agencies’ control and conducting financial transfers to outside the country in a way that makes it hard to identify the sides involved and undermines Kuwait"s anti-money-laundering and terror-funding systems.
It is not clear the overseas parties involved in the ring or when the court will deliver a ruling in the case.