Central Bank of Kuwait Keen on Combatting Money Laundering, Terrorism Financing
The Central Bank of Kuwait affirmed on Saturday its keenness
to combat money laundering and terrorism financing.
It further stressed its strict follow-up of bodies subject
to its control to verify the implementation of all requirements stipulated in
the law.
The Bank also expressed willingness to impose severe
sanctions in case of any violation, and that all measures to enhance the
strength and integrity of the banking and financial sector would be taken.
Moreover, it confirmed commitment to its approach that
stands on permanent and full cooperation with all concerned authorities and
institutions, including the Kuwait Financial Investigation Unit and judicial
authorities.
On media regarding money laundering, the Bank assured that
necessary measures have been taken.
It expressed keenness to ensure all bodies subject to its
supervision comply with legal requirements and those that fall under the
Central Bank’s instructions, within the framework of Law No. (106) of 2013
regarding combating money laundering and terrorism financing.
When this law was passed, it took into consideration
international standards and the roles of relevant parties, including the
Central Bank and other monitoring agencies.
The Kuwait Financial Investigation Unit has been established
according to Article (16) of Law 106 of 2013.
It is a unit with an independent legal personality – not affiliated
with the Central Bank of Kuwait – and the law has designated it with
responsibility for receiving communications on money laundering “and requesting
information related to what is suspected of being the proceeds of the crime.”
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