KUWAIT WAS RATED 36TH IN WORLD FOR ILLICIT MONEY FLOWS, WITH $46 BILLION

  • 09/03/2022

Kuwait City: According to a Global Money Integrity Foundation research, the volume of illegal financial flows to Kuwait from 2009 to 2018 was approximately $46 billion through trade with all global trading partners, and around $20 billion through trade with 36 developed nations. As a result, Kuwait has risen to seventh rank in the Arab world and 36th overall. According to the research, the overall illegal financial flows to Kuwait between 2014 and 2018 amounted to around $30 billion. 


The top five Arab centres recorded a total of $261 billion. Although the report of the American non-profit organisation Global Financial Integrity Foundation ranks 134 countries, including 14 Arab countries, it emphasises that its estimates are not reliable, it is expected that the eyes of local counterparts will be opened to track these funds and reveal the suspicions associated with them due to the indicators they carry and the strong data. According to regulatory authorities, illicit trade flows do not always imply the existence of money laundering and terrorist financing operations, as they can be funds obtained, moved, or used illegally, or they can signify the movement of acquired funds of illegal activities and tax evasion.

 They explained that the methodology for estimating illegal financial flows is based on two methods: calculating the value of illegal financial flows based on the difference between available sources of funds from external debt and the net value of foreign direct investment, and using these funds to increase reserve assets and finance the current account deficit. It also relies on how much the value of exports falls and how much the value of imports rises as a result of pricing manipulation.

Related News

MoI Cracks Down on Illegal U-Turns
  • 11/02/2025
Discounts Don't Affect Return/Exchange Rights
  • 08/02/2025
Kuwait Arrests Reckless Driver After Viral Wedding Video
  • 08/02/2025
Shifa Al Jazeera Medical Group to Host Shifa Excellence Awar ...
  • 08/02/2025
Kuwait Bans Water Pistols and Balloons
  • 07/02/2025
Kuwait Tops Global Hunger Index 2024 as Least Hungry Country
  • 04/02/2025
MoI: Implementation of new traffic fines on April 22
  • 04/02/2025
Kuwait Council of Ministers Holds Weekly Meeting at Bayan Pa ...
  • 04/02/2025
Kuwait population increases every 5 minutes
  • 03/02/2025
Kuwait Stabilizes Market Ahead of Ramadan
  • 29/01/2025
Kuwait Arrests Egyptian Expat for Forging Medical Documents
  • 29/01/2025
Kuwait Ministry of Education Cuts School Bag Weight by 50%
  • 27/01/2025