https://english.aawsat.com/home/article/2310501/central-bank-kuwait-keen-combatting-money-laundering-terrorism-financing

The Central Bank of Kuwait affirmed on Saturday its keenness to combat money laundering and terrorism financing.

It further stressed its strict follow-up of bodies subject to its control to verify the implementation of all requirements stipulated in the law.

The Bank also expressed willingness to impose severe sanctions in case of any violation, and that all measures to enhance the strength and integrity of the banking and financial sector would be taken.

Moreover, it confirmed commitment to its approach that stands on permanent and full cooperation with all concerned authorities and institutions, including the Kuwait Financial Investigation Unit and judicial authorities.

On media regarding money laundering, the Bank assured that necessary measures have been taken.

It expressed keenness to ensure all bodies subject to its supervision comply with legal requirements and those that fall under the Central Bank’s instructions, within the framework of Law No. (106) of 2013 regarding combating money laundering and terrorism financing.

When this law was passed, it took into consideration international standards and the roles of relevant parties, including the Central Bank and other monitoring agencies.

The Kuwait Financial Investigation Unit has been established according to Article (16) of Law 106 of 2013.

It is a unit with an independent legal personality – not affiliated with the Central Bank of Kuwait – and the law has designated it with responsibility for receiving communications on money laundering “and requesting information related to what is suspected of being the proceeds of the crime.”