KUWAIT CITY, Feb 14: The Financial Action Task Force (FATF) on Saturday commended Kuwait for the remarkable progress it has achieved in combating money laundering and terrorist financing. FATF made the commendation at the plenary meeting held in Mexico City, where Minister of Electricity, Water and Renewable Energy Subaih Al- Mukhaizeem represented the Minister of Finance and supervised the work of the National Committee for Combating Money Laundering and Terrorist Financing on behalf of the Kuwaiti government. According to the statement issued by the National Committee for Combating Money Laundering and Terrorist Financing, the FATF acknowledged the tremendous efforts and progress of Kuwait during the discussion of its post-observation report.

The FATF praised Kuwait for the extensive measures it has taken since the adoption of the mutual evaluation report in June 2014 to strengthen the national framework for combating money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction. The task force stressed that these efforts demonstrate a high level of political commitment and coordinated institutional action, which contributed to ensuring the effectiveness of the national system. It approved the action plan of Kuwait to support and monitor continuous efforts to further develop its anti-money laundering and counter-terrorism financing framework. It also decided to put the State of Kuwait under enhanced monitoring -- a step intended to ensure the sustainability of the progress achieved and the continuous implementation of reforms outlined in the approved plan. It stated that Kuwait has undertaken broad and comprehensive reforms in its anti-money laundering, counter-terrorism financing, and counter-proliferation financing systems, thereby, addressing 95 percent of the recommendations included in the mutual evaluation report within a record timeframe  (KUNA)