Kuwait Introduces Legislative Amendments to Combat Money Laundering and Terrorism Financing

Strategic Insights -

Kuwait's Finance Minister Nora Al-Fassam announced the ratification of amendments to the country's legislative system to combat money laundering and terrorism financing. This move is part of Kuwait's commitment to the global financial crime watchdog, the Financial Action Task Force (FATF). The legislative changes grant broader authority to a national committee formed to combat money laundering and terrorism financing, allowing it to act independently to support local measures to clamp down on these ill practices. The minister emphasized the state-wide cooperation and the importance of putting in place proper legislation to fight financial crimes.

Key Takeaways:

  • Kuwait's Finance Minister Nora Al-Fassam ratified amendments to the country's legislative system to combat money laundering and terrorism financing.
  • The amendments grant broader authority to a national committee formed to combat money laundering and terrorism financing, allowing it to act independently.
  • The committee will have the power to impose hefty fines on violators and label local figures and entities as terrorists.
  • The legislative changes are part of Kuwait's commitment to the objectives of the Financial Action Task Force (FATF).
  • The amendments are designed to put in place proper legislation to fight financial crimes and support local measures to clamp down on money laundering and terrorism financing.
  • The national committee will work to stifle all forms of financial crime and adhere to Kuwait's international obligations.

Statistics:

  • Kuwait has ratified amendments to its legislative system to combat money laundering and terrorism financing.
  • The Financial Action Task Force (FATF) is a global financial crime watchdog that Kuwait is committed to complying with.
  • The national committee formed to combat money laundering and terrorism financing will have the power to impose hefty fines and label local figures and entities as terrorists.

Sources:

  • Kuwait News Agency, 30 Jun 2025