Press Releases

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of Central Bank of Kuwait (CBK) and Chairman of Kuwait Financial Inquiry Unit (KFIU) declared to the Kuwait News Agency (KUNA) that CBK and KFIU in collaboration with the US Treasury Department are organizing a seminar titled "The Financial Inquiry Units and their Applications" during the period from 31st of March to 2nd of April 2008 in the Zumurruda Hall at the Kuwait Sheraton Hotel.

This seminar comes as part of the efforts to combat financial crime and reinforce its prevention and tracking instruments, through enlightening and training the workers of entities concerned with combating financial crime in the State of Kuwait, and keeping them abreast of the latest developments and the best available applications in this field, in order to complement the endeavors of the State of Kuwait to enhance its efforts to combat money laundering and financing terrorism.

H.E. Sheikh Salem Abdulaziz Al-Sabah pointed out that a select group of experienced experts form concerned bodies in the United States of America will participate in this seminar. Its main topics cover the financial inquiry units, their administrative and organizational structures, the financial analysis instruments for financial crime, and the case studies.

H.E. the Governor of CBK and Chairman of KFIU added that the holding of this seminar reflects CBK and other relevant government bodies attempts to establish active structures for supporting the concept of financial inquiry and investigation in the State of Kuwait, and improving the role of KFIU to adopt relevant international standards and the best available applications.

H.E. the Governor elaborated that KFIU was established on 23 rd of June 2003 as an independent unit under his chairmanship and the membership of the Central bank of Kuwait, the ministry of Interior, the Ministry of Commerce & Industry, the General Administration of Customs. The Public Prosecution, by virtue of Law No. 35 of the year 2002 concerning Combating money Laundering and Financing Terrorism, is entrusted with receiving money laundering notices. He expounded that this seminar augments the capabilities of the State of Kuwait to combat money laundering and financing terrorism, both of which are now a fundamental element in the concept of financial crime.