Exclusive: Kuwait asks Dubai to release funds frozen in money laundering probe - letter | Reuters:
Kuwait’s prosecutors have asked Dubai to release $500 million in funds belonging to a Kuwaiti private equity fund that were frozen as part of a money laundering investigation, according to a letter seen by Reuters.
The funds, held at a Dubai-based bank, were frozen at the behest of the United Arab Emirates (UAE) central bank in November 2017, according to a source with direct knowledge of the matter and legal documents and correspondence between parties involved in the case reviewed by Reuters.
According to a senior UAE official, the probe, which has not been previously reported, was undertaken by Dubai authorities to determine if funds sent from a bank in the Philippines to the Kuwaiti private equity fund’s account in Dubai constituted money laundering.
No comments:
Post a Comment