Suspect funds on the rise

Suspected money laundering cases have risen by 10 per cent this year despite efforts by banks to introduce tougher international controls to curb the financial activities of criminal gangs.

More than 13,000 cases were reported last year and that figure is expected to rise this year based on new data released by regulatory authorities yesterday.

“It’s a positive sign that such activities are being picked up and people are coming to us,” said Saeed Abdullah al Hamiz, the senior executive director of the Central Bank’s supervision and examination department.