Kuwait, Iraq financial watchdogs sign MoU to bolster cooperation

By Mohammad Al-Mutairi KUWAIT, July 8 (KUNA) -- Kuwait's financial Intelligence Unit and Iraq's Anti-Money Laundering and Terrorist Financing Bureau signed on Tuesday a memorandum of understanding (MoU) aiming to beef up cooperation on information exchange and financial intelligence efforts.
The deal, signed after a gathering of global financial watchdog body Egmont Group, is a testament to Kuwait and Baghdad's collective commitment to boost transparency and cooperation, based on the principles and guidelines of the global financial organization of intelligence units.
The agreement is a major step forward towards clamping down on financial crime at a time of growing challenges that require greater cooperation and information exchange, the Kuwaiti financial watchdog's chief Hamad Al-Mekrad said in a statement.
The level of cooperation between the Kuwaiti and Iraqi financial intelligence units has been on an upward trajectory even before the new deal came to fruition, added the official, expecting the agreement to be instrumental in simplifying the flow of bilateral information exchange, he underlined.
The deal is part of Kuwaiti efforts to broaden financial cooperation with international bodies, subsequently putting in place a financial environment marked by transparency and safety, he said. (end) md.nam