Kuwait finance minister to form panel for modifying terrorism funding law

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KUWAIT, July 28: Minister of Finance Barrak Al-Sheetan on Tuesday issued a ministerial resolution for forming a panel to examine amendment of the Law 106/2013 on money laundering and terrorism financing as some of the tasks undertaken by the financial inspection division.

Minister Al-Sheetan, in a statement to Kuwait News Agency (KUNA), said his decision was intended to affirm his keenness and continuous support for activating the inspection unit since he took office in February.
The division personnel have taken measures referring money laundering suspects to the public prosecution, the minister said, affirming its key role at this level.

The committee which he has ordered to be formed will examine shortcomings in existing legislations and propose adequate modifications to enhance efficiency of the financial inspection team personnel, back up their independence, boost their jurisdictions and tools for attaining the aspired objective, Al-Sheetan added.

This approach, he has continued, is aimed at preserving Kuwait’s image with respect of combating money laundering and terrorism funding. (KUNA)