Nazaha pushes for stronger laws against financial crimes
KUWAIT CITY, April 26: The Kuwait Anti-Corruption Authority (Nazaha) recently concluded the first legal forum, held at its headquarters in Shamiya, with the theme, 'The Law on Money Laundering and Terrorist Financing Crimes: Facing Challenges.' A group of legal experts and academicians, representatives of regulatory and competent authorities, as well as financial institutions and designated non-financial businesses and professions, attended the forum. The following are the five recommendations presented at the forum:
Strengthen coordination between all public regulatory and competent authorities in charge of combating money laundering, financing of terrorism and proliferation of weapons of mass destruction.
Intensify training and qualification programs for employees of regulatory and competent authorities in charge of combating money laundering, financing of terrorism and proliferation of weapons of mass destruction.
Raise community awareness on the risks of money laundering and terrorist financing.
Call on the legislature to review certain legal provisions to enhance the effectiveness of procedures, close legal loopholes, and keep pace with technological developments, in line with the international standards of the Financial Action Task Force (FATF).
Prepare guidelines for financial institutions and designated non-financial businesses and professions, which contribute to clarifying legal and regulatory requirements and enhance regulatory and legal compliance, in accordance with international law and standards.
On the other hand, Director of the Legal Affairs Department at Nazaha Abdul Hamid Al-Hamar stressed the need to intensify national efforts in relevant sectors and agencies, and to continuously update legal frameworks to keep pace with the development of criminal methods in money laundering and terrorist financing crimes. He emphasized the direct threat these crimes pose to the financial and security stability of countries. He added that the discussion session stems from Nazaha's pivotal and important role in periodically studying legislation and legal tools related to combating corruption and proposing necessary amendments.
'It also explores the legal and regulatory frameworks adopted to combat money laundering and terrorist financing crimes, in addition to reviewing the latest methods used in these crimes and methods for tracking and detecting them. The panelists tackled several topics, including the legislative structure of Law No. 106/2013 on Combating Money Laundering and Terrorist Financing, both in terms of wording and content, and the effectiveness of the legal provisions in practice, in light of the outcomes of judicial rulings and practical applications,' he elaborated. He went on to say that they discussed developments in financial technology and the legal and regulatory status of virtual and digital assets, as well as improving mechanisms for international cooperation and information exchange between relevant authorities and their counterparts in other countries. 'They stressed the need to continuously update relevant laws and regulations to keep pace with rapid developments in money laundering and terrorist financing methods, especially in light of the increasing reliance on digital and modern technology,' he concluded.
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