By Ahmed Hagagy
KUWAIT has strengthened its AML (anti-money laundering) and counter-terrorism financing law, which will impose tougher penalties for violators, as it seeks to avoid falling foul of a global financial crime watchdog.
The Paris-based Financial Action Task Force (FATF), a global money laundering watchdog, said in October that Kuwait’s legal and supervisory framework had “serious shortcomings delivering effective outcomes”, citing failures in addressing terrorist financing.
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