Title: Largest Money Laundering Case in Kuwait’s History: Ruling Family Member and Partners Sentenced

Landmark Sentences in the Malaysian Fund Case

The Kuwaiti criminal court rendered significant sentences this week in the Malaysian Fund case, marking the largest money laundering investigation in the country’s history. The following individuals were sentences:

A member of the ruling family
His partner
Two expatriates
A lawyer

The total prison term amounts to 37 years.

Details of the Case and the Defendants

Nearly $1 billion was traced to an influential Kuwaiti account, and more than $100 million were transferred abroad. The primary suspect, the son of a former Kuwaiti prime minister, and two others were present in court. An absent defendant is a Syrian-French businessman, Bashar Kiwan, who faces criminal rulings against him in absentia.

Forming an Organized Criminal Group and Money Laundering

In an unprecedented move, a police officer, Nasser Al Tayyar, claimed temporary compensation of KD 5001 (approximately $1.64 million USD) as the supervisor of the first investigative team and head of the Anti-Money Laundering department. The prosecution accused three defendants of forming an organized criminal group, linked to money laundering:

Involved approximately 343 million yuan (KD 700,000)
The equivalent of the stolen funds and investments of the Malaysian Sovereign Fund

Financial Transactions between Kuwait and the Cayman Islands

One defendant reportedly acquired KD 700,000 ($2.18 million USD) through company accounts and personal accounts at the Industrial and Commercial Bank of China’s Kuwait branch, employing a complex web of financial transactions between accounts in Kuwait and the Cayman Islands. Two other defendants face charges for laundering KD 21 million ($68.5 million USD) taken from the Malaysian Sovereign Fund.

Steps to Strengthen Anti-Money Laundering Measures

As the judicial proceedings continue, Kuwaiti authorities are taking steps to strengthen their anti-money laundering measures in collaboration with international partners to prevent such criminal activities and protect the financial system.