Kuwait constantly introduces alterations to its legislative system in a bid to combat money laundering and terrorism financing, Finance Minister Nora AlFassam said on Monday.
In the wake of a cabinet decision to ratify amendments to relevant legislations, the minister applauded the measure as a testament to state-wide cooperation aiming to put in place the
proper legislation to fight money laundering and terrorism financing, the minister underlined.
The constant alterations to legislation are in addition to Kuwait's commitment towards the objectives of global financial crime watchdog, the Financial Action Task Force (FATF), both of
which encapsulate national efforts to exterminate money laundering and terrorism financing, added the minister.
These legislative tweaks grant broader authority to a national committee formed ad hoc to combat money laundering and terrorism financing, the minister said, citing that the body now has the leeway to act independently in support of local measures to clamp down on such ill practices.
On these measures, the minister cited levying hefty fines against violators and slapping a terrorist label on local figures and entities as among the works of the committee, in addition to Kuwait's international obligations to stifle all forms of financial crime, she said
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