‘Fighting cash fraud, terror-funding priority’

KUWAIT CITY, Oct 5: Kuwait, represented by the National Committee for Combating Money Laundering and Terrorist Financing, hosted Monday the 2026 Applications and Capacity Building Workshop of the Middle East and North Africa Financial Action Task Force (MENAFATF), under the patronage of Finance Minister Dr. Yaqoub Al-Refaei. Al-Refaei said Kuwait’s hosting of the workshop reflects the importance of cooperation and exchange of expertise in combating money laundering and terrorist financing, stemming from its commitment to continuously strengthening its national framework in cooperation with regional and international partners. He said the workshop aims to develop the technical and institutional capabilities of specialists, review the latest international developments and practices, and enhance the readiness and compliance of relevant authorities. Combating such crimes is a shared responsibility requiring concerted efforts and coordination among national, regional and international bodies to protect financial and economic systems from exploitation in illicit activities and promote transparency, integrity and confidence in financial institutions, he stressed.

The workshop is an important tool for developing knowledge, refining technical skills and strengthening institutional capabilities, enabling specialists to keep pace with rapid developments, address emerging challenges and risks, and enhance the supervisory and preventive role of relevant institutions. Al-Refaei expressed appreciation to all entities involved in organizing the workshop, as well as participants, experts and speakers, for their valuable contributions. For his part, MENAFATF President Hamid Al-Zaabi said capacity building is a key priority for the group, given its direct role in strengthening member states’ ability to protect their financial systems and effectively combat money laundering, terrorist financing and proliferation financing. Al-Zaabi said successful national systems depend on qualified personnel capable of understanding risks, analyzing information and taking appropriate action at the right time, stressing that investing in national expertise is an investment in countries’ security and financial and economic stability.

The workshop provides an opportunity to discuss challenges facing member states, benefit from successful solutions and strengthen communication among specialists, he said, noting that such cooperation is essential to confronting crimes that cross borders and continually evolve. Al-Zaabi said evolving criminal methods require continuous development of countermeasures, updating risk assessments, developing supervisory and financial analysis tools, and strengthening the ability of competent authorities to exchange information and process it swiftly. The workshop also highlights the importance of partnerships among the private sector, supervisory authorities, financial intelligence units, law enforcement agencies and judicial bodies, Al-Zaabi said, noting that coordination among these entities enables timely action.

For his part, Chairman of the National Committee for Combating Money Laundering and Terrorist Financing and Head of the Kuwait Financial Intelligence Unit Dr. Hamad Al-Mekrad said the workshop comes as criminal methods continue to evolve rapidly. He noted that fraud has become increasingly cross-border and digital, while virtual assets, digital wallets and artificial intelligence technologies are vulnerable to exploitation to conceal criminal proceeds and finance terrorism. Al-Mekrad said the workshop addresses three themes: financial fraud and illicit financial flows, asset recovery. and the relationship between technology and terrorist financing, in line with the priorities of the Financial Action Task Force (FATF) Presidency for 2026-2028. He said the workshop aims to strengthen the capabilities of specialists in combating money laundering, terrorist financing and proliferation financing within government authorities of member states by examining the latest trends, methods and patterns at national, regional and international levels.

The workshop will also present practical cases, applied studies and member states’ experiences to promote best practices and enhance the efficiency of personnel in supervisory and financial authorities, financial intelligence units and law enforcement agencies, he added. He added that the group promotes cooperation, exchange of expertise and capacity building among member states, while the workshop provides a specialized platform bringing together experts and practitioners from supervisory and financial authorities, financial intelligence units and law enforcement agencies. Kuwait’s hosting of the workshop reaffirms its commitment to regional and international efforts aimed at strengthening the effectiveness of systems combating money laundering and terrorist financing, while supporting cooperation and developing national and regional capabilities in this field, Al-Mekrad said. (KUNA)