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Central Bank of Kuwait and Financial Intelligence Unit Strengthen Cooperation on Anti-Money Laundering Laws

The Central Bank of Kuwait (CBK) and the Kuwaiti Financial Intelligence Unit (KWFIU) have strengthened their cooperation and coordination in the field of anti-money laundering (AML) and combating the financing of terrorism (CFT).

Signing of Memorandum of Understanding Marks New Era in Cooperation

On Wednesday, a memorandum of understanding was signed at the CBK headquarters, marking an additional step in promoting existing cooperation between the two parties. The signing ceremony was attended by Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel, and KWFIU President Basil Ahmed Al-Haroun.

Commitment to Supporting Independence and Facilitating Performance

According to a joint statement, Governor Al-Hashel emphasized that the CBK is committed to supporting the independence of KWFIU’s work and facilitating its performance of tasks entrusted to it under Law No. 106 of 2013 concerning AML/CFT.

KWFIU President Praises Close Communication and Supervisory System

KWFIU President Basil Ahmed Al-Haroun expressed gratitude for the CBK’s cooperation and continuous support, praising the close communication between the two organizations in this matter. He also commended the establishment of an integrated supervisory system by the CBK to ensure compliance with AML/CFT legal requirements among all units under its supervision.

Memorandum Aims to Facilitate Periodic Meetings and Integration

The memorandum, which took effect immediately upon signing, aims to facilitate periodic meetings between the two parties for conducting reviews and achieving integration in work mechanisms and procedures between state agencies. This will enhance efforts made in the field of AML/CFT, as stated in the joint statement.

Part of Kuwait’s Ongoing Efforts to Strengthen Anti-Money Laundering Regulations

This development comes as part of Kuwait’s ongoing efforts to strengthen its anti-money laundering and combating terrorism financing regulations, as outlined in Law No. 106 of 2013. The law aims to prevent money laundering activities and the financing of terrorist organizations within Kuwaiti territory.