KUWAIT CITY, Sept 29: As part of measures to combat money laundering and financing of terrorism, the Ministry of Social Affairs has once again requested the charity societies and philanthropists to comply with the recommendations issued by the International Finance Committee, reports Al-Qabas daily.
The ministry’s circular to charities, of which the daily has obtained a copy, contains recommendations and steps to be taken to avoid the problems arising from financing terrorism and money laundering.
One of the conditions says the money transferred to locally or abroad must prove the legal aspect of transfer and must provide complete information thereof to the Financial Information Unit and stresses on the coordination between the concerned authorities whether it be customs, passports departments or any relevant authorities.
The ministry pointed to the possibility of preventing or restricting the money transfer if there is sufficient reason for suspicion that the money transferred is for the purpose of money laundering or to financing terrorism or in case of the failure to abide by or comply by the recommendations is punishable by law.
The ministry indicated another recommendation calls for freezing the funds and assets of those who finance terrorism in line with the UN resolutions.
The suspects will also qualify for legislative measures to enable the concerned authorities to freeze and confiscate funds and property which is suspected of being used for financing terrorism or terrorist acts or supporting terrorist organizations.
If financial institutions, businesses or entities which are deemed to be bound by anti-money laundering obligations and have reasonable grounds to suspect the funds may be used for terrorist acts, they should immediately report the issue to the appropriate authorities, the ministry added.
The ministry pointed out, the world nations have signed treaties, made arrangements and other mechanisms for exchange of information to the maximum possible level in the area of the implementation of civil or criminal laws, investigations, and procedures related to financing terrorism and terrorist acts to ensure terrorist do not find a safe haven on the face of this earth. One of the clauses also calls for extradition of suspects when and where possible