KUWAIT, June 30 (KUNA) — Kuwait is continuously updating its legal framework to more effectively tackle money laundering and terrorism financing, according to Finance Minister Nora Al-Fassam. Speaking on Monday, she praised recent cabinet-approved amendments to relevant laws as a reflection of national cooperation aimed at establishing robust legal mechanisms to address these financial crimes. These legislative updates align with Kuwait’s commitments to the Financial Action Task Force (FATF), a global authority on financial crime. The revised laws also expand the powers of a specialized national committee tasked with combating such illicit activities, enabling it to operate independently. Minister Al-Fassam noted that these changes include imposing significant penalties on offenders and designating local individuals and entities as terrorists, in line with Kuwait’s international obligations to curb financial crime.
— news from Kuwait News Agency
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Kuwait eyes tougher legislation to clamp down on money laundering
KUWAIT, June 30 (KUNA) — Kuwait constantly introduces alterations to its legislative system in a bid to combat money laundering and terrorism financing, Finance Minister Nora Al-Fassam said on Monday.
In the wake of a cabinet decision to ratify amendments to relevant legislations, the minister applauded the measure as a testament to state-wide cooperation aiming to put in place the proper legislation to fight money laundering and terrorism financing, the minister underlined.
The constant alterations to legislations are in addition to Kuwait’s commitment towards the objectives of global financial crime watchdog, the Financial Action Task Force (FATF), both of which encapsulate national efforts to exterminate money laundering and terrorism financing, added the minister.
These legislative tweaks grant broader authority to a national committee formed ad hoc to combat money laundering and terrorism financing, the minister said, citing that the body now has the leeway to act independently in support of local measures to clamp down on such ill practices.
On these measures, the minister cited levying hefty fines against violators and slapping a terrorist label on local figures and entities as among the works of the committee, in addition to Kuwait’s international obligations to stifle all forms of financial crime, she said. (end) r nak.nam