Kuwait to amend money laundering law, to overcome loopholes
A government project to amend the “Money Laundering Law” is in progress, with state agencies working to address legislative gaps and loopholes, an informed source told Al-Qabas.
The source stated that flaws and loopholes in the current money laundering law have allowed some offenders to evade conviction and punishment.
The National Committee for Combating Money Laundering and Terrorism Financing is collaborating with key government agencies, which include: the Ministries of Interior, Foreign Affairs, Justice, Finance, Trade and Affairs, along with the Public Prosecution, Financial Intelligence Authority, Central Bank of Kuwait, and “Nazaha” to amend the law. These revisions aim to align with international financial and credit standards.
The source emphasized that once the new law is enacted, no violator or individual involved in money laundering will evade punishment, as it will cover all forms of money laundering crimes.
Moreover, the source noted that legislative obstacles include; differences in legal and judicial systems, as well as the absence of clear standards for evaluating the sufficiency of evidence and methods of proof.
The National Committee for Combating Money Laundering and Terrorism Financing is working within its mandate to develop a “national strategy” to combat money laundering, terrorism financing, and the funding of weapons of mass destruction. This includes assessing money laundering risks and coordinating with relevant authorities to curb these crimes.
The source emphasized the ongoing monitoring of global and regional developments, as well as international treaties on combating money laundering. He also highlighted the development of training programs to equip national cadres with the skills needed to combat money laundering crimes.
Furthermore, an official report from the Public Prosecution revealed that 188 cases of money laundering were reported in 2024.
