Kuwait signs key agreements to boost anti-money laundering efforts
As part of Kuwait’s ongoing commitment to strengthening institutional coordination and aligning with international standards in the fight against financial crimes, two significant memoranda of understanding (MoUs) were signed yesterday between four major institutions.
The first memorandum was signed between the Ministry of Interior and the General Administration of Customs, while the second was concluded between the Capital Markets Authority (CMA) and the Financial Intelligence Unit (FIU).
Both agreements aim to enhance the exchange of information, bolster regulatory oversight, and intensify national efforts to combat money laundering and terrorist financing, reports Al-Rai daily.
According to a statement by the General Administration of Customs, the agreement with the General Department of Anti-Money Laundering and Combating the Financing of Terrorism — focuses on enhancing the efficiency of data exchange and increasing joint efforts in regulatory measures. The collaboration aligns with the international standards set by the Financial Action Task Force (FATF).
The Customs Department emphasized that the MoU aims to strengthen Kuwait’s national framework for combating financial crimes and demonstrates a strong commitment to international obligations. The agreement was signed in the presence of senior officials from both sides, who stressed the strategic importance of fostering a secure financial system and enhancing institutional integration across executive and regulatory bodies.
Meanwhile, the second memorandum between the Capital Markets Authority and the Financial Intelligence Unit outlines a framework for deeper cooperation and systematic information exchange regarding money laundering, related predicate offenses, and terrorist financing.
The CMA explained that the MoU establishes clear mechanisms for the mutual exchange and usage of sensitive information, while ensuring full compliance with confidentiality protocols. In addition to setting data-sharing standards, the memorandum calls for regular coordination meetings, the development of joint preventive measures, and the exchange of technical expertise.
It also includes provisions for the design and implementation of specialized training programs aimed at enhancing the capabilities of personnel from both entities. These efforts are intended to bolster the regulatory and operational response to financial crimes within Kuwait’s financial markets.
The memorandum was signed by Imad Tifuni, Chairman of the Board of Commissioners and Executive Director of the Capital Markets Authority, and Dr. Hamad Al-Mekrad, Head of the Financial Intelligence Unit. Also in attendance were Rayan Al-Zaid, Deputy Chairman of the CMA, and Yousef Al-Omar, Deputy Head of the FIU.
Key themes of the MoUs are the following.
First MoU (Interior Ministry – Customs): Enhancing the efficiency of data exchange; Intensifying control and enforcement measures; Strengthening Kuwait’s national financial crime response and Reinforcing adherence to FATF and international standards.
Second MoU (CMA – FIU): Defining the scope and mechanisms for data exchange; Ensuring confidentiality in the use of shared information; Holding periodic coordination meetings and Sharing expertise and conducting joint training initiatives
These steps reflect Kuwait’s proactive stance in safeguarding its financial system and improving transparency and oversight in line with global best practices.
