LOC18:19
15:19 GMT
KUWAIT, July 17 (KUNA) -- Kuwait Capital Markets Authority issued
recommendations regarding money laundering and terrorism funding.
The recommendations are designed to boost integrity and credibility of the
finance market and protect individuals and their agents against illegal
operations that may imply criminal activity related to finance trades.
The authority said in a statement on Wednesday that the new recommendations
replaced ones that had been made public on June 14, 2012, with respect of
money laundering and the financing of terrorism.
The new recommendations have been issued with aim of staying abreast of
local and international developments, the statement said, alluding in
particular to the Law Number 106 (of 2013) that address these offenses.
The authority places combat against such offenses on top of its priorities,
with aim of protecting the finance sector, in shadow of noticeable development
of banking, finance systems and mushroom of various communication means for
capital transfer.
Rapid and major development of the communications has resulted in creating
more risks, thus the authority had to upgrade the recommendations to add new
terms and make them more compatible with rules of the law No. 106.
Sound implementation of these instructions and guidelines will "primarily
contribute to facing the risks that may appear in finance trades." (end)
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