Kuwait city: Kuwait is making continuous changes to its legislative system to combat money laundering and terrorism financing, Finance Minister Nora Al-Fassam announced on Monday. The minister highlighted the recent cabinet decision to approve amendments to relevant legislations as a reflection of a nationwide effort to establish effective laws against these financial crimes.
According to Kuwait News Agency, the minister emphasized Kuwait's dedication to the goals of the Financial Action Task Force (FATF), a global financial crime watchdog. This dedication, along with the legislative changes, underscores the country's efforts to eliminate money laundering and terrorism financing.
The amendments provide a national committee with greater authority to combat such financial crimes. The committee now has the ability to act independently in support of local measures. Among the committee's actions are imposing substantial fines on violators and designating local figures and entities as terrorists. These actions are in line with Kuwait's international commitments to combat financial crime.