Kuwait

New Documents

Kuwait FIU Shares Annual Report Covering COVID-19 Period, Reports Increase in STRs

The Kuwait Financial Intelligence Unit published its annual report for the year 2020 to 2021, covering the regulator’s work to prevent financial crimes.

February 9, 2023

US, Kuwait Commit to Combating Terrorist Financiers, Cybercriminals

U.S. Secretary of State Antony J. Blinken and Kuwaiti Foreign Minister Ahmed Nasser Al-Mohammed Al-Sabah issued a joint statement after a Jan. 26, 2022, meeting to discuss strategic policies to promote stability and security of the region.

January 28, 2022

Kuwait FIU Highlights Development of STR Database in Annual Report

September 21, 2021

Central Bank of Kuwait Publishes 2020-21 Annual Report

August 6, 2021

Central Bank of Kuwait Organizes Workshop on Combating ML/TF

July 6, 2021

News

Weekly Roundup: Credit Suisse Allegedly Violated US Tax Crime Settlement, Report Ties South African Banks to Gold Smuggling Scheme, and More

Wells Fargo fined $68 million, appeal knocks down Malta’s AML regulator, and more, in the weekly roundup.

March 31, 2023

Weekly Roundup: Investigation Links EU Beneficial Ownership Opponent to Russian Oligarchs, FinCEN’s ‘Access’ Rule Sparks Debate, and More

U.S. appellate court overturns dismissal of Swiss money laundering case, Oregonian officials redirected, misinvoiced rare bourbon, and more, in the weekly roundup.

February 10, 2023

Weekly Roundup: US Banks Rejecting Dollars from Iraq, ‘Unknown’ Option Threatens US Ownership Database, and More

January 20, 2023

Weekly Roundup: FinCEN Fines Capital One, US Far-right Accepted Foreign Cryptocurrency, and More

January 15, 2021

Weekly Roundup: House Revives AML Bill After Veto, FDIC Fines Compliance Officer, and More

December 30, 2020

Enforcement Actions

0 Items Found

Key Documents

Kuwait Criminalizes Money Laundering, Requires Customer Identification

March 10, 2002

Kuwait's Ministry of Finance Enumerates Individuals, Entities Subject to AML Law

July 10, 2005

Kuwait Establishes National Committee for Combating Money Laundering, Terrorist Financing

March 28, 2004

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 : 78/179
Score : 42/100

Tax Justice Network i

Rank : 28/133
Score : 71/100