KUWAIT CITY, May 20: Kuwait’s Ministry of Commerce and Industry announced Tuesday the signing of a Memorandum of Understanding (MoU) with the Ministry of Interior, represented by the General Department for Combating Money Laundering and Terrorism Financing, aimed at strengthening joint efforts to combat financial crimes.

In a press statement, the ministry said the agreement is intended to boost cooperation, data exchange, and coordination between the two entities to enhance oversight and improve the handling of suspicious financial activities.

The MoU is also designed to increase the effectiveness of managing reports and suspected cases, support Kuwait’s national framework for combating money laundering and terrorist financing, and ensure alignment with international standards.

Officials from both ministries attended the signing ceremony and emphasized the importance of the partnership in advancing the country’s strategic objectives and enhancing institutional collaboration between regulatory and enforcement bodies.

The ministry underscored that the agreement reflects Kuwait’s commitment to strengthening its regulatory infrastructure and improving the overall effectiveness of financial crime prevention.