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Wednesday , October 27 2021

Offices in violation, suspicions of money laundering and terrorist financing

KUWAIT CITY, Sept 20: A report by the Financial Intelligence Unit (FIU) stated that Kuwait has exchanged information 74 times with foreign countries on suspicions of money laundering and terrorist financing within the framework of international cooperation in this regard, from April 1, 2019 until the end of March 2020. The number of requests received by the unit reached 64 while the total number of requests issued by the unit was 10 — 7 requests for information and 3 for providing information.

The report revealed the FIU intends to establish its own electronic link network to enhance connectivity with the notified parties, through which data and notifications will be quickly and securely transferred, as part of the unit’s continuous endeavor to enhance the financial analysis management work system, by installing and supporting the goAML system designed to help countries combat the financial crimes, including money laundering and terrorist financing, with its database and information analysis system.

The report pointed out that the unit is preparing for the mutual evaluation process that Kuwait will be subject to in 2022, by the FATF and MENAFATF groups, taking into account the results of the assessment of the risks of money laundering and terrorist financing at the national level, and the results of the self-assessment process of the anti-money laundering system and terrorist financing

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