Kuwait

New Documents

The Swiss Federal Council entered into a double taxation agreement with Bahrain and amended its existing agreement with Kuwait.  

The Swiss Federal Council issued a press release regarding the signing with Kuwait of a protocol of amendment to the agreement for the avoidance of double taxation with respect to taxes on income and capital.

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Kuwait as a jurisdiction of concern. Financial crimes such as money laundering and terrorist financing continue to be major concerns in Kuwait. Another major concern for the jurisdiction is financial support to terrorist groups, particularly by individuals who operate outside of government-approved charitable-giving systems. In 2015, Kuwait took several measures to improve the oversight and regulation of charities operating in the country, including improved monitoring of transfers to international beneficiaries. Illicit proceeds are primarily related to cases of fraud, smuggling and corruption. Other proceed-generating crimes are credit card fraud, piracy of goods, insider trading, and market manipulation. As of March 31, 2015, the Central Bank of Kuwait reported total banking sector assets of $188 billion. Currently, 23 banks operate in Kuwait.
  • KYC Covered Entities:  Commercial and Islamic banks; insurance agents, brokers, and companies; investment companies; money and foreign exchange bureaus; jewelry establishments, including gold, metal, and precious commodity traders; real estate agents/establishments; legal and auditing firms
  • STR Covered Entities:  Commercial and Islamic banks; insurance agents, brokers, and companies; investment companies; money and foreign exchange bureaus; jewelry establishments, including gold, metal, and precious commodity traders; real estate agents/establishments; legal and auditing firms
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 1 High :
Largely Compliant : 11 Substantial :
Partially Compliant : 14 Moderate :
Non-Compliant : 22 Low :
Not-Applicable : 1

BASEL i

Rank : 56/129
Score : 5.54/10

TRANSPARENCY INTERNATIONAL i

Rank : 85/180
Score : 40/100

Tax Justice Network i

Rank : 28/133
Score : 71/100