Kuwait

New Documents

Swiss Federal Council Enters DTA with Bahrain, Amends Agreement with Kuwait

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

August 31, 2020

Switzerland, Kuwait Sign Protocol of Amendment to DTA

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.

November 12, 2019

Central Bank of Kuwait Identifies Oversight Activity, Developments in Annual Report

November 11, 2019

SFMS of Ukraine Signs MoU with Kuwait FIU

March 5, 2019

IMF Highlights Kuwait’s AML/CTF Reform Efforts

February 5, 2019

News

Midweek Roundup: FinCEN Wants ‘Effective’ AML Programs, Julius Baer Nears FIFA Settlement with US Prosecutors, and More

U.S. money-mule schemes have spiked during COVID-19, IRS seeks help in tracking Monero transactions, and more, in the midweek roundup.

September 16, 2020

Midweek Roundup: US Judge Dismisses Lawsuit Against Danske Bank, Belgium Investigates Credit Suisse, and More

Funds stolen from Russian bank terminated in Liechtenstein, Latvia issues AML guidance, and more, in the midweek roundup.

August 26, 2020

Weekly Roundup: Steve Bannon Charged with Money Laundering, Regulators Issue PEP Guidance, and More

August 21, 2020

Midweek Roundup: FinCEN Issues AML Enforcement Guidance, Goldman Sachs Settles Malaysia 1MDB Probe, and More

August 19, 2020

Weekly Roundup: California Lender Hit with AML Fine, Former Compliance Manager Convicted in Swiss 1MDB Probe, and More

July 31, 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 : 85/180
Score : 40/100

Tax Justice Network i

Rank : 28/133
Score : 71/100