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Illicit financial flows hit $46b - Kuwait ranked 36th

Business Kuwait City 13 Mar 22
Illicit financial flows hit $46b -  Kuwait ranked 36th
The illicit financial flows volume in Kuwait during the nine-year period from 2009 to 2018 was about $46 billion through trade with all global trading partners.
Fee
Event Location
Kuwait, Kuwait
Area
Kuwait City
Start Time
13 March 2022, 12:00 AM
End Time
31 March 2022, 12:00 AM
Website

The volume of illicit financial flows to Kuwait during the nine-year period from 2009 to 2018 was about $46 billion through trade with all global trading partners, and about $20 billion through trade with 36 developed countries, according to a report issued by the Global Financial Integrity Foundation.

This has led Kuwait to take the seventh place in the Arab world and 36th place globally, reports Al-Rai daily.

The report explained that the total illicit financial flows to Kuwait during the years between 2014 and 2018 amounted to about $30 billion.

The top five Arab centers recorded amounts estimated at $261 billion. Although the report of the American non-profit organization Global Financial Integrity Foundation ranks 134 countries including 14 Arab countries, it highlighted that its estimates do not live up to reliability, but it is assumed that the eyes of the local counterparts will be opened to track these funds and reveal the suspicions related to them because of the indicators they carry and the strong data.

In this regard, regulatory sources said illegal flows from trade do not necessarily mean the existence of money laundering and terrorist financing operations, as they may be funds obtained, transferred or used illegally, or they indicate the transfer of acquired funds of illegal activities and tax evasion.

Kuwait business news 2022Kuwait Illicit financial flows



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