Kuwait city: Kuwait's Financial Intelligence Unit and Iraq's Anti-Money Laundering and Terrorist Financing Bureau signed a memorandum of understanding (MoU) to enhance cooperation on information exchange and financial intelligence efforts. The agreement was signed following a meeting of the global financial watchdog body, Egmont Group, and signifies a commitment by Kuwait and Baghdad to improve transparency and cooperation in line with the principles and guidelines of the global financial organization of intelligence units.
According to Kuwait News Agency, the agreement is an important step towards addressing financial crime amid increasing challenges that necessitate greater cooperation and information exchange. The chief of Kuwait's financial watchdog, Hamad Al-Mekrad, stated that the cooperation level between the Kuwaiti and Iraqi financial intelligence units had been improving even before the new agreement, which is expected to facilitate bilateral information exchange.
The agreement is part of Kuwait's broader efforts to expand financial cooperation with international bodies, aiming to establish a financial environment characterized by transparency and safety. Al-Mekrad emphasized that this initiative reflects Kuwait's dedication to clamping down on financial crime through improved collaboration.