Financial Transparency Advisors, a global consulting company based in Vienna, has reportedly been chosen by the relevant government agencies in Kuwait to measure the effectiveness of government institutions, investment companies, and financial entities in combating money laundering and terror financing, reported Al-Rai Daily.
Under the supervision of the National Committee to Combat Money Laundering and Terrorist Financing, the FTA will work with local financial and investment entities, some of which will be in coordination with the Capital Markets Authority and in the presence of the Financial Investigation Unit, to ensure compliance with the standards and controls approved by the Financial Action Task Force (FATF).
The agreement with FTA is timely as Kuwait awaits the visit of the FATF, which will result in increased scrutiny of the country’s ranking in terms of its technical and supervisory capabilities in combating money laundering and terror financing. The government committee has made significant progress towards achieving its goals, with several agencies and ministries working together to ensure that the FATF standards and controls are implemented in a timely manner. These institutions include the Central Bank of Kuwait, the Ministry of Commerce and Industry, the Public Prosecution, and the Ministries of Justice, Finance, Interior, Foreign Affairs, and Social Affairs and Labor, as well as the General Administration of Customs, the General Anti-Corruption Authority, and the Insurance Regulatory Unit.
The cooperation with FTA will undoubtedly help Kuwait in its efforts to combat money laundering and terror financing and improve its rankings on global financial transparency indices.
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