Saudi Arabia records $1.54bln in POS transactions in one week UAE non-oil growth hits fastest pace since December 2024, PMI shows Oman’s non-oil exports rise 11.4% to $9.3bln, re-exports jump 20% UAE participates in second G20 Finance Ministers and Central Bank Governors meeting Saudi Arabia and Syria sign 4 pacts to boost cooperation in transport and logistics sectors Geological assets drive mining, manufacturing growth in Fujairah RAK Chamber explores trade, investment opportunities at UAE-Lebanon Business Forum Saudi Arabia agrees to raise Pakistani agricultural and food exports to $3bln UAE investment council launches data tools to boost overseas investment Oman's public revenue rises 13% to $17.2bln in first half of 2026 Saudi Arabia’s construction costs rise 2.3% in July 2026 ADIB provides $37mln Islamic financing for Glasgow logistics hub Oman’s tea and coffee imports hit record highs Total value of Bahraini exports hit $5.04bln Oman: ARA eyes Q3 2027 gas pipeline launch Oman: Sohar International establishes innovation hub at Terminal 11 to support fintech growth Bahrain's Benefit unveils Digital Direct Debit service Saudi: Civil Defense requires third-party insurance for licensing and renewals of certain activities Saudi PIF annualised total shareholder returns fall to 5.8% as some assets lose value Saudi Aramco offers crude outside Hormuz to some Asian refiners, sources say Ten agreements signed to localise electrical transformer component manufacturing in Oman Khareef lifts Salalah Airport passenger arrivals by 8% Fuel tanker grounding: NCEM activated in Oman Oman to develop four industrial cities under Five-Year Development Plan 2026-2030 Saudi Arabia breaks into world’s top 10 for private AI investment: World Bank report Kuwait Petroleum Corporation posts three-year profit high of $6.9bln in FY 25/26 HSBC Private Bank appoints Feras Al Jaramani to lead its UAE Market UAE extends small business relief for corporate tax until December 2029 Saudi business sector surges with 46,900 new companies in 1H 2026 Solar power set for strong growth in Qatar

Log in

عربي

Media Centre

Home » Media Centre

Assistant FM: Kuwait keen on developing laws to criminalize terrorism financing

Assistant FM: Kuwait keen on developing laws to criminalize terrorism financing

Assistant FM: Kuwait keen on developing laws to criminalize terrorism financing

Jan 22, 2025

Kuwait is keen on creating laws to criminalize the financing of terrorism to implement key UN Security Council resolutions to exit the stage of enhanced follow-up for FATF evaluation, said Kuwaiti Assistant Foreign Minister for Development and International Cooperation Ambassador Hamad Al-Mashaan.

This was stated in Al-Mashaan's speech at the workshop held by the Ministry of Foreign Affairs entitled "Targeted Financial Sanctions, Asset Recovery and Mutual Legal Assistance", which was organized in cooperation with the International Institute for Justice and the Rule of Law and attended by the Institute's Director, Reinhard Oehrig.

The workshop is being held Tuesday in cooperation with the International Institute for Justice and the Rule of Law to train and qualify those concerned with combating terrorism and its financing.

He pointed out the committee's keenness to develop the competencies and human cadres in Kuwait to implement the international obligations stipulated in the Security Council resolutions issued under Chapter VII and translate them by taking precautionary measures to combat the financing of terrorism and prevent terrorist organizations from exploiting the financial system.

The workshop aims to highlight the results and conclusions of the Financial Action Task Force (FATF) / Middle East and North Africa Financial Action Task Force on Kuwait, which was published in October 2024. Senior Practitioner from the International Institute for Justice and the Rule of Law,Jens Cofield Andreasen, took part in its sessions under the slogan (Targeted Financial Sanctions). It also focused on building on recommendations 6 and 7 of the Financial Action Task Force and the importance of developing laws to criminalize the financing of terrorism and the necessary procedures to implement the main resolutions of the UN Security Council on financial sanctions.

The second session will focus on asset recovery, freezing, confiscation and mutual legal assistance based on FATF Recommendation 4. This session will delve into the identification, freezing and confiscation of assets linked to terrorist activities, including virtual/electronic assets, with a focus on leveraging mutual legal assistance to facilitate cross-border cooperation.

The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. It sets international standards that aim to prevent illegal activities and the harm they cause to society.