22000 Kuwait Dinar caught at Kuwait Airport

April 9, 20160 Comments

22000 Kuwait Dinar caught at Kuwait Airport

money laundering

With the cooperation between ministry of interior and General Administration of Customs, a man (Arab national) was caught smuggling 22 thousand Kuwaiti dinars while leaving the country. The arab national was arrested and turned in for investigation for breaking the law of money laundering.

What is Money Laundering?

Money laundering is the generic term used to describe the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source.

The processes by which criminally derived property may be laundered are extensive. Though criminal money may be successfully laundered without the assistance of the financial sector, the reality is that hundreds of billions of dollars of criminally derived money is laundered through financial institutions, annually. The nature of the services and products offered by the financial services industry (namely managing, controlling and possessing money and property belonging to others) means that it is vulnerable to abuse by money launderers.

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