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Kuwait keeps pace with int'l standards of anti-terrorism financing

Head of Kuwait International Bank's Anti-Money Laundering Unit, Ahmad Ashkenani
Head of Kuwait International Bank's Anti-Money Laundering Unit, Ahmad Ashkenani

BEIRUT, Oct 27 (KUNA) -- Kuwait has been keeping pace with the accredited international standards on combating money laundering and terrorism financing, Kuwaiti banker stressed on Thursday.
Kuwaiti banks have thoroughly abided by all laws and measures needed to counter any activities related to crimes of money laundering and financing terrorist groups, head of Kuwait International Bank's Anti-Money Laundering Unit, Ahmad Ashkenani told KUNA.
Ashkenani made the statement to the agency on the sidelines of a meeting of the heads of Arab banks' money laundering units in the Beirut today.
Kuwait's abidance by these laws was clearly manifested in a number of laws approved by the National Assembly, mainly the Law No. 106 in 2013 pertaining to countering money laundering and terrorism financing, he said.
The international community and the global financial institutions have paid much attention over the last years to the topic of countering financing of the terrorist groups to curb their activities, he noted.
Ashkenani affirmed that countering financing of terrorism needs continued coordination and cooperation amongst different bodies to keep pace with measures, to make sure they are in line with the international standards.
He stressed that Arab banks are committed to international standards and policies on anti-money laundering and terrorism financing.
Meanwhile, Chairman of the Executive Committee of the Union of Arab Banks (UAB) Joseph Torbey today emphasized that the legislations and laws approved by Arab countries are in line with recommendations and criteria in the field of money laundering and terrorism financing.
The spread of phenomenon and aggravation of its dangerous activities pose a major challenge that compels the official authorities and financial institutions to take strict policies to counter financing to terrorism, he said. He stressed that the UAB has played an important role in holding an Arab dialogue with main financial institutions in Europe and the US to enhance cooperation in the field.
This annual meeting of the heads of anti-money laundering and combating financing of terrorism is an annual platform to exchange expertise among the Arab delegations, as well as getting acquainted with the relevant international developments, UAB Secretary General Wessam Fatouh told KUNA. (end) wsm.mah.hm