By Fawaz Karami
KUWAIT, May 2 (KUNA) -- The Middle East and North Africa Financial Action Task Force (MENAFATF) approved Kuwait's request of exiting the regular following up process and putting it on the updating list every two years, a Kuwait official announced Saturday.
"The approval came during MENAFATF's 21st general assembly that was held in Muscat, Oman on April 26-30," said Talal Al-Sayegh, Director of the Kuwait Anti-Money Laundering and Combating the Financing of Terrorism Unit in statements to KUNA.
He added that the decision came as a result of Kuwait's efforts of fulfilling international obligations in terms of fighting money laundering, as well as meeting IMF standards in this regard.
Due to those efforts, Kuwait was also named co-chair of MENAFATF's evaluation team, which oversees implementation of assessment procedures set by FATF (Financial Action Task Force), Al-Sayegh noted.
MENAFATF is a voluntary co-operative group, independent of any international body or organization, and is based in Bahrain.
The group aims to adopt and implement the Paris-based FATF's 40 Recommendations on combating money laundering and financing of terrorism and proliferation, and to execute relevant UN treaties and agreements and UN Security Council resolutions. (end) fnk.hb