Dubai's ruler snubs Kuwait request to release frozen funds: letter | Reuters:
Dubai’s ruler has resisted efforts by Kuwait to release nearly $500 million in frozen funds at the heart of a money laundering probe straining relations between the two Gulf allies, according to correspondence seen by Reuters.
The investigation is taking place as the United Arab Emirates tightens financial regulations to fight a perception among some foreign investors that it is a hot spot for illicit money flows owing to its free trade zones and proximity to Iran, the target of U.S. sanctions.
The frozen funds belong in part to the Kuwait government and have been frozen at Dubai’s state-owned Noor Bank since late 2017, when the emirate’s public prosecutor, in collaboration with Kuwait’s prosecutors, started probing the lawfulness of their transfer to Dubai from the Philippines.
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