Abu Dhabi: Kuwait’s Minister of Finance Barrak Al Sheetan on Tuesday issued a ministerial resolution for setting up a panel to examine the amendment of Law 106/2013 on money laundering and terrorism financing. The move comes following the recent bust of several money laundering gangs in the country.
Minister Al Sheetan, in a statement to Kuwait News Agency (KUNA), said his decision was intended to affirm his keenness and continuous support for activating the inspection unit since he took office in February.
The division has taken measures referring money laundering suspects to the public prosecution, the minister said, affirming its key role at this level.
The committee will examine shortcomings in existing legislations and propose adequate changes to enhance efficiency of the financial inspection team, back up their independence, boost their jurisdiction and tools for attaining the aspired objective, Al-Sheetan added.
The approach is aimed at preserving Kuwait’s image with respect of combating money laundering and terrorism funding
Given the increasing regulatory scrutiny related to Anti-money laundering compliance (AML) issues and complex challenges faced by financial organisations in that regard, institutions are realising the importance of implementing and maintaining a robust AML programme, experts said.
They argue countries are realising the importance of implementing a risk-based Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Compliance Programme that can be applied across diverse business lines. However, evaluating the money laundering risks in an organisation and the tools and techniques available for mitigating these risks can present a significant challenge.