KUWAIT CITY, Dec 6: Director of the Public Funds and Commercial Affairs Prosecution Saoud Yousef Al-Sanei was recently quoted as saying people working for financial institutions such as banks, investment companies and money exchange firms and involved in money laundering activities can face a maximum penalty of seven years imprisonment, fine equal half the value of the money involved and confiscation of the money and property, reports Al-Rai daily.
The daily added the penalty can be increased if the crime was committed by exploiting his/her position or influence others to do so.
Al-Sanei went on to say the Public Prosecutor has the right to freeze the money and the property of the suspect until a verdict in the case is given.
He disclosed in 2005, 13 cases of money laundering were disclosed and 36 in 2006.
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