Kuwait City, 19th January 2021:
Kuwait 6 gold companies suspected of money laundering
Government begins audit of their budgets, which have ballooned in last three years. The Kuwaiti government has kept six gold companies under close scrutiny on suspicion of money laundering, after their businesses ballooned in the last three years, local media reported.
Official sources told Al Rai newspaper that the Trade Ministry, during its audit of activities, discovered that there were gold companies that recorded a rapid financial rise despite their recent emergence in the sector.
The sources pointed out that compared to the traditional expansion in the gold market, the six companies have witnessed a large and illogical jump since their establishment, even in the number of its branches compared to the developments of similar companies.
The sources explained the ministry has opened the books of suspected gold companies, in an effort to ascertain whether they are exploiting their activities in acts of money laundering. The sources said the authorities will audit the budgets of the six companies for the past three years.
The sources say should the Ministry confirm irregularities in the financial statements of the six companies, it would submit a report to the Financial Investigation Unit to take what it deems appropriate.
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