Kuwait Cabinet Lauds Local Anti-Money Laundering Efforts

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, April 8, (KUNA) -- Kuwait's Cabinet on Tuesday heaped praise on the diligent efforts of state bodies to combat money laundering and terror financing, saying that such measures are firmly backed by the government.
Amid its weekly session presided over by Acting Prime Minister and Interior Minister Sheikh Fahad Yusuf Al-Sabah, the Cabinet lauded the efforts of Finance Minister and State Minister for Economic and Investment Affairs Nora Al-Fassam, in addition to Minister of Commerce and Industry Khalifa Al-Askar, saying that the measures introduced by the ministers serve to bolster Kuwait's reputation as an active participant in the fight against money laundering.
Discussing the matter, the Finance Minister presented to the Cabinet a visual display over the intricacies of the aforementioned efforts, which include Kuwait's compliance with the objectives of global financial crime watchdog, the Financial Action Task Force (FATF), she said, citing a monthly report by an ad hoc committee to clamp down on money laundering and terror financing.
In a similar presentation, the Commerce and Industry Minister outlined his ministry's commitment towards a Cabinet decision that shifted the inspection of currency exchange outlets to Kuwait's Central Bank, which in turn, would regulate the works of the local currency exchange market.
On the healthcare front, the Cabinet said that His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, with His Highness the Crown Prince Sheikh Sabah Khaled A-Hamad Al-Sabah in attendance, will be sponsoring the opening of a new maternity hospital in Al-Sabah medical zone early on Wednesday.
The Cabinet was also informed that His Highness the Prime Minister Sheikh Ahmad Al-Abdullah Al-Sabah will be representing His Highness the Amir in a gala set to take place in Germany to mark the 50th anniversary since the start of Kuwait's partnership with German luxury carmaker Mercedes-Benz Group AG.
The Cabinet went on to look into a number of letters addressed to His Highness the Amir from leaders of friendly nations, all of which focus on efforts to strengthen Kuwait's ties with these countries across various fields.
The Cabinet also approved a decision to strip Kuwaiti citizenship off a number of individuals, based on the works and findings of a national committee formed to investigate the matter. (end)
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