Press Releases

H.E. the Governor of CBK, Sheikh Salem Abdulaziz Al-Sabah, in a press release to KUNA (Kuwait News Agency) stated that he has issued a decision to establish within CBK a special Kuwait Financial Intelligence Unit (KFIU). This unit shall be an independent unit headed by H.E. the Governor and shall assume the tasks of receiving money laundering reports from the Public Prosecution Office, study them and provide its technical advice in compliance with the provisions of Law No. 35/2002 (concerning combating money laundering operations) and the ensuing ministerial decisions issued in execution of the Law.

The FIU shall also coordinate with the Public Prosecution Office in the exchange of data and information locally and internationally, and establish a database on suspicious operations to compile relevant statistics and data reports. The Unit shall play a vital role in training programs and in raising public awareness in combating money laundering.

H.E. the Governor added that the decision to establish the new Unit came after extensive study of all aspects (legal, technical and administrative) of combating money laundering, and after long standing cooperation and coordination with other concerned government agencies. He further emphasized that this decision comes in compliance with various standards and recommendations made by international bodies including FATF (Financial Action Task Force) with regard to combating money laundering, showing the commitment of Kuwait to these standards and recommendations. Finally, H.E. the Governor said that the establishment of KFIU will help reinforce the existing regulation and procedures concerning combating money laundering in Kuwait, and expressed his confidence in the ability of KFIU to help safeguard the Kuwait financial and banking system as well as the international and regional reputation and status of the State of Kuwait.