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Al-Jarallah reiterates Kuwait commitment to fight money laundering
March 5, 2015, 8:33 am

Foreign Ministry Undersecretary Khaled Al-Jarallah on Wednesday chaired a meeting for the committee in charge of implementing the UN Security Council (UNSC) resolutions on fighting money laundering and terrorist financing.

At the advent of the meeting, Al-Jarallah congratulated the committee members on the recent decision taken by the Financial Action Task Force (FATF) to lift Kuwait's name from its monitoring list. This achievement was the fruit of outstanding cooperation among relevant government bodies, he said.

He urged the committee members to forge ahead with efforts to put in place all the relevant UNSC resolutions and executive regulations.

The committee includes representatives of the ministries of finance, information, interior, justice, commerce and industry, defense, social affairs and labor as well as the Central Bank of Kuwait and the General Prosecutor's office, Financial Investigation Unit, Capital Markets Authority and General Administration of Customs.

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally. In collaboration with other international stakeholders, the FATF works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse.

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