KUWAIT CITY, July 5: The Ministry of Commerce and Industry (MoCI) signed a memorandum of understanding (MoU) with the Kuwaiti Financial Intelligence Unit (FIU) on Thursday to strengthen cooperation and facilitate the exchange of technical information aimed at combating money laundering and terrorist financing. The agreement also aims to enhance regulatory coordination between the two institutions, according to a report by Al- Seyassah daily.

Acting Undersecretary of the Ministry of Commerce and Industry, Marwa Al- Jaidan, told the Kuwait News Agency (KUNA) that the MoU reflects the Ministry’s commitment to keeping pace with evolving regulatory standards and fostering partnerships with relevant authorities. Al-Jaidan praised the Financial Intelligence Unit for its proactive role in raising awareness among entities under the Ministry’s supervision. She highlighted the importance of the unit’s continuous educational workshops and advisory initiatives, which help mitigate risks associated with financial crimes. She emphasized that the Ministry considers this MoU a strategic alliance that supports the business environment in Kuwait.

It also contributes to the goals of the “New Kuwait 2035” vision by promoting transparency, sound governance, and investor confidence in the country’s commercial landscape. For his part, Dr. Hamad Al-Mekrad, Head of the Kuwaiti Financial Intelligence Unit, expressed appreciation for the Ministry’s collaboration. In a statement to KUNA, he underscored the vital role of the commerce sector in the national oversight framework, given the breadth of industries it regulates. Dr. Al-Mekrad noted that the partnership would improve the efficiency of information sharing and bolster responsiveness to emerging threats. He described it as a key step toward building a more robust and sustainable regulatory ecosystem.