Kuwait strengthens anti-money laundering legislation
The Paris-based Financial Action Task Force (FATF), a global money laundering watchdog, said in October that Kuwait's legal and supervisory framework had "serious shortcomings delivering effective outcomes", citing failures in addressing terrorist financing.
The FATF requested the establishment of a domestic process tasked with freezing terrorist assets and publishing a full list of individuals under targeted financial sanctions (TFS).
Under a decree issued on Monday, a government committee can now be delegated powers to implement resolutions aimed at combating terrorism, its financing and the spread of weapons of mass destruction, with immediate effect. These were previously reserved for the cabinet.
It also set fines of up to 500,000 Kuwaiti dinars ($1.64 million) for violations.
Finance Minister Nora Al-Fassam said in a statement that the amendments would help Kuwait improve transparency and meet international standards.
The government has also introduced the requirement for companies to identify the "beneficial owner", who exercises ultimate control over the firm, and transferred supervision of exchange houses activities from the commerce ministry to the central bank.
Kuwait's new law grants the government direct authority to freeze funds and assets suspected of links to money laundering or terrorism financing without a court order, lawyer Fawaz Al-Khatib told Reuters, adding the amendment "brings Kuwait closer to FATF international standards."
In the Gulf, the United Arab Emirates, home to financial centres such as Dubai and Abu Dhabi, was dropped, opens new tab from the FATF's so-called "grey list" of countries at risk of illicit money flows in February 2024 after a little less than two years.
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Scotch whisky distiller - glass half-full or half-empty?
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Over the coming years, we will build on this strong foundation and work to evolve the brand into a true global icon. 'We also see a lot of potential in Naked Malt, which will be a great addition to our portfolio. Together, these brands perfectly complement our vision for growth, and we look forward to investing in their future and sharing their stories with whisky lovers around the world.' Hopefully, both Edrington and William Grant & Sons will prosper in the wake of this major deal as they pursue their respective strategies. These are heavyweight players that have been through plenty of ups and downs in terms of the global trading environment over years and decades. And the long-term success of both - taking account of all the benefits this has brought to the Scottish economy and labour market - is surely something to cheer.
