Three undersecretaries working for unidentified ministries are involved in secret large-scale money laundering operations, reports Al-Shahed daily quoting knowledgeable sources.
The same sources said these men began their operations through private investment and finance companies which they own and used the Central Bank of Iraq as a transit point to transfer the money into their overseas accounts taking advantage of the weak banking controls in Iraq and after ‘hoodwinking’ the Central Bank of Kuwait. Sources say they also used their influence and connections to cover up these operations.
The sources added the total value of the money transferred through seven companies owned by the undersecretaries and their advisers has reached KD 502 million over 3 years.
Sources say the companies have licenses to engage in investment activities in Kuwait and Iraq and using this as cover, the companies do what they want.
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