Title: Kuwait’s Central Bank and Financial Intelligence Unit Strengthen Cooperation to Combat Money Laundering and Terrorist Financing

Subtitle: New MoU Signing boosts AML/CFT efforts in Kuwait

October 6, 2021 [Kuwait City, Kuwait]

The Central Bank of Kuwait (CBK) and the Kuwaiti Financial Intelligence Unit (KFIU) took a significant step forward in their efforts to combat money laundering and terrorist financing by signing a Memorandum of Understanding (MoU) on October 6, 2021. This agreement comes under the framework of Law No. (106) of 2013 concerning Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

Objective of the MoU

The primary objective of the MoU is:

1. To promote information exchange and cooperation between the two entities in the field of AML/CFT and related crimes.
2. To enhance Kuwait’s efforts to prevent and combat money laundering, terrorism financing, and other financial crimes.

The signing ceremony took place at the CBK headquarters and was attended by the following officials:

• Dr. Mohammad Al-Hashel, Governor of the Central Bank of Kuwait
• Dr. Essam Al-Sager, Director of the Kuwaiti Financial Intelligence Unit
• Senior officials from both institutions

Enhancing Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) Efforts

The new agreement strengthens the cooperation and coordination between the CBK and the KFIU in the following ways:

• Information exchange and cooperation in AML/CFT and related crimes.
• Enhancing Kuwait’s efforts to prevent and combat money laundering, terrorism financing, and other financial crimes.

This collaboration marks a significant advancement in Kuwait’s efforts to counteract money laundering, terrorist financing, and other financial crimes, thus bolstering the country’s position as a leading player in the global financial system.

Background

Since their inception, the Central Bank of Kuwait (CBK) and the Kuwaiti Financial Intelligence Unit (KFIU) have been working closely together to ensure effective implementation of AML/CFT regulations in Kuwait. Their most recent accomplishment is the signing of this MoU, which signifies another important step in this direction and solidifies the commitment of these institutions to maintain a robust and comprehensive AML/CFT regime in Kuwait.

Significance of the MoU

The MoU demonstrates the commitment of the Central Bank of Kuwait and the Kuwaiti Financial Intelligence Unit to:

1. Safeguarding Kuwait’s financial system.
2. Enhancing the partnership between these vital regulatory bodies.
3. Maintaining Kuwait’s reputation as a reputable financial center.

In conclusion, the signing of this MoU is a significant step forward for the AML/CFT regime in Kuwait, demonstrating the commitment of its central banking and financial intelligence institutions to maintaining effective measures to combat money laundering and terrorist financing.