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06.10.21Press Statement

CBK & Kuwait Financial Intelligence Unit (KFIU) Sign Memorandum of Understanding

In an effort to enhance cooperation and coordination between the Central Bank of Kuwait (CBK) and the Kuwaiti Financial Intelligence Unit (KWFIU) within the framework of Law No. (106) of 2013 concerning Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), the CBK and KWFIU signed a memorandum of understanding, on Wednesday morning October 6, 2021, regarding the cooperation and information exchange in the field of AML/CFT and related crimes, at the CBK headquarters.

This came as a joint statement, in which H.E. the Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel, stated that the signing of the memorandum is an additional step in promoting the existing and continuous cooperation between the two sides. He added that the CBK is always keen to support the independence of the work of the KWFIU, and facilitate its performance of the tasks and roles entrusted to it by virtue of its chairmanship of the National Anti-Money Laundering and Terrorist Financing Committee (NAMLC), and by virtue of the powers conferred on the Unit under the law since its establishment.

The President of the Kuwaiti Financial Intelligence Unit, Basil Ahmed Al-Haroun, thanked the CBK for its cooperation and continuous support, and its role in setting up an integrated supervisory system to ensure the compliance of all units under its supervision with legal requirements in the field of AML/CFT. He also praised the close and continuous communication between the two organizations in this matter.

The statement was concluded by noting that the memorandum, which came into force from the date of its signing, includes holding periodic meetings between the two parties for conducting periodic reviews to achieve more integration in work mechanisms and procedures between State agencies, and to enhance efforts made in the field of AML/CFT.

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