FATF Lauds Kuwait's Significant Progress In Fighting Money Laundering

(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, Feb 14 (KUNA) -- The Financial Action Task Force (FATF) Saturday commended the "significant progress" Kuwait has made to combat money laundering and terrorist financing.
The remarks came during the FATF plenary meeting in Mexico City, attended by Minister of Electricity, Water and Renewable Energy Dr. Subeeh Al-Mukhaizeem, representing the Kuwaiti government on behalf of the Minister of Finance Dr. Yaqoub Al-Rifai and chair of the National Anti-Money Laundering and Terrorism Financing Committee (NAMLC).
According to a statement by NAMLC, FATF commended Kuwait's work during the discussion of its follow-up report, noting the intensive measures taken since the evaluation report was adopted in June 2024 to strengthen Kuwait's framework for combating money laundering, terrorist financing and proliferation financing.
These efforts reflect high-level political commitment and coordinated institutional work that improved the national framework and its effectiveness, FATF said.
The meeting approved Kuwait's action plan to support and monitor continued development of its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) system, and decided to place Kuwait under enhanced follow-up to help sustain progress and support implementation of the agreed reforms, the statement mentioned.
Kuwait has carried out major reforms, confronting 95 percent of the recommended actions in the evaluation report in record time, the statement said.
Member states and international observers broadly lauded Kuwait's progress and its institutional approach, it added.
Kuwait reiterated its commitment to continue close cooperation with FATF and international partners to complete further improvements, supporting its role in safeguarding the integrity and stability of the global financial system and curbing illicit financial flows.
Meanwhile, according to the same statement, Al-Mukhaizeem underlined Kuwait's full commitment at the highest levels to work closely with FATF and partners to maintain momentum and further strengthen its AML/CFT framework, welcoming the meeting's outcomes and the commendation for Kuwait's efforts. (end)
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