Changes eyed to law on money laundering, terrorism financing

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‘Amendments to regulations to enhance supervisory role’

KUWAIT CITY, June 8: The Ministry of Social Affairs is currently studying a proposal that calls for introducing some amendments to the executive regulations of Law No. 106/2013 regarding combating money laundering and terrorist financing, in preparation for submitting it to the Ministry of Finance, as it is the authority issuing the law, in order to start the amendment procedures, reports Aljarida daily.

According to sources from the Ministry of Social Affairs, this step of introducing the amendments is based on an initiative by the ministry to control the misuse of financial regulations related to public benefit utilities at the regional and international levels. It is also based on the ministry’s keenness to besiege money laundering trends and methods, confront harnessing its use through associations’ systems related to public benefit, and combat all the tools of the money laundering crime, which is a real challenge to all state agencies, especially the relevant ones. These amendments to the regulations would enhance the supervisory role entrusted to the ministry and impose strict control over the work of civil public benefit utilities particularly the charitable ones.

There is a benefit that will accrue to Kuwait as a result of these amendments, especially during the upcoming international review process that awaits it in November by the Middle East and North Africa Financial Action Task Force (MENAFATF) to assess its experience in combating money laundering and terrorist financing, and examine and review all current laws, decisions and controls in this regard in order to determine their effectiveness and compliance with international recommendations issued in this regard.

These amendments also complement the procedures of the concerned government agencies that regulate the flow of charitable donation funds, and ensure the safety and ease of transfer and delivery to the approved authorities, so that charitable projects can be implemented, without these funds falling into the clutches of terrorism and extremism or falling prey to the nets of the money laundering mafia or being exploited by some weak-minded people in a wrong way that reflects a calamity on Kuwait and distorts its charitable and humanitarian reputation.

This news has been read 14512 times!

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