Nazaha pushes for stronger laws against financial crimes
KUWAIT CITY, April 26: The Kuwait Anti-Corruption Authority (Nazaha) recently concluded the first legal forum, held at its headquarters in Shamiya, with the theme, 'The Law on Money Laundering and Terrorist Financing Crimes: Facing Challenges.' A group of legal experts and academicians, representatives of regulatory and competent authorities, as well as financial institutions and designated non-financial businesses and professions, attended the forum. The following are the five recommendations presented at the forum:
Strengthen coordination between all public regulatory and competent authorities in charge of combating money laundering, financing of terrorism and proliferation of weapons of mass destruction.
Intensify training and qualification programs for employees of regulatory and competent authorities in charge of combating money laundering, financing of terrorism and proliferation of weapons of mass destruction.
Raise community awareness on the risks of money laundering and terrorist financing.
Call on the legislature to review certain legal provisions to enhance the effectiveness of procedures, close legal loopholes, and keep pace with technological developments, in line with the international standards of the Financial Action Task Force (FATF).
Prepare guidelines for financial institutions and designated non-financial businesses and professions, which contribute to clarifying legal and regulatory requirements and enhance regulatory and legal compliance, in accordance with international law and standards.
On the other hand, Director of the Legal Affairs Department at Nazaha Abdul Hamid Al-Hamar stressed the need to intensify national efforts in relevant sectors and agencies, and to continuously update legal frameworks to keep pace with the development of criminal methods in money laundering and terrorist financing crimes. He emphasized the direct threat these crimes pose to the financial and security stability of countries. He added that the discussion session stems from Nazaha's pivotal and important role in periodically studying legislation and legal tools related to combating corruption and proposing necessary amendments.
'It also explores the legal and regulatory frameworks adopted to combat money laundering and terrorist financing crimes, in addition to reviewing the latest methods used in these crimes and methods for tracking and detecting them. The panelists tackled several topics, including the legislative structure of Law No. 106/2013 on Combating Money Laundering and Terrorist Financing, both in terms of wording and content, and the effectiveness of the legal provisions in practice, in light of the outcomes of judicial rulings and practical applications,' he elaborated. He went on to say that they discussed developments in financial technology and the legal and regulatory status of virtual and digital assets, as well as improving mechanisms for international cooperation and information exchange between relevant authorities and their counterparts in other countries. 'They stressed the need to continuously update relevant laws and regulations to keep pace with rapid developments in money laundering and terrorist financing methods, especially in light of the increasing reliance on digital and modern technology,' he concluded.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab Times
3 days ago
- Arab Times
Kuwait Judiciary Cracks Down on Misuse of Disabled Parking Spots
KUWAIT CITY, June 2: The Traffic Misdemeanor Court has handed down a series of rulings against motorists who violated traffic regulations by parking in spaces reserved for persons with disabilities, reinforcing legal protections for this vulnerable group. In one notable case, the court sentenced a Kuwaiti citizen to one month in prison and suspended his driving license for the same duration after he was found guilty of parking in a designated disabled parking space without authorization. Although the violation was not repeated, the court applied the stricter provisions of the Disability Law rather than the recently amended Traffic Law, as the offense occurred prior to the new law's enactment on April 22. Legal sources clarified that Article 63 of Law No. 8 of 2010 concerning the Rights of Persons with Disabilities stipulates a penalty of up to one month in prison or a fine of up to KD 100—or both—for unauthorized use of disabled parking spaces. By contrast, Article 33 bis of the updated Traffic Law introduces much harsher penalties, including imprisonment for one to three years and fines ranging from KD 600 to KD 1,000, depending on the severity of the offense. These penalties are applicable without prejudice to stricter penalties outlined in other laws. The rulings reflect a broader judicial commitment to uphold the rights of persons with disabilities and deter misuse of facilities designated for their benefit.
Kuwait Times
27-05-2025
- Kuwait Times
NBK celebrates conclusion of Bankee program for 2024/2025 academic year
More than 32,000 students and 7,200 teachers benefited KUWAIT: National Bank of Kuwait held the closing ceremony of "Bankee" program for the 2024/2025 academic year, celebrating the achievements made over the year in several public and private schools in collaboration with the Ministry of Education, the Kuwait Anti-Corruption Authority (Nazaha), and Creative Confidence. The festive ceremony, which was held at the Grand Hyatt Hotel, featured a special honoring of the 630 teachers who trained Bankee students in more than 60 public and private schools in Kuwait during the academic year, in recognition of their pivotal role in achieving the program's goal of increasing financial awareness and literacy among students. During the ceremony, several success stories and achievements of schools participating in the program were showcased, reflecting its positive impact on students and the school community. In its third edition, Bankee saw the participation of more than 60 schools, benefiting more than 32,000 students and 7,200 teachers. On this occasion, Manal Al-Matar, EVP - Head of Group Corporate Communications said: 'We are pleased with the remarkable success achieved by Bankee for the third consecutive year, especially as it effectively contributed to enhancing the students' financial awareness with its distinctive classroom design and instilling core values such as honesty, integrity, responsibility, and cooperation, positively impacting their behavior and as witnessed by parents and teachers.' Al-Matar added: "This remarkable success is the result of our fruitful collaboration with our strategic partners, the Ministry of Education and the Kuwait Anti-Corruption Authority (Nazaha). We strongly believe in the importance of private-government collaborations that aim to provide the youth with the knowledge and skills they need, which are the foundation for the prosperity of individuals and Kuwaiti society." For their exceptional efforts, Al-Matar commended the teachers and emphasized that their unwavering commitment to implementing the program's content in classrooms has contributed to its success. The teachers excelled in guiding the students to set their financial goals, monitoring their progress, and providing the necessary support to ensure the successful implementation of the classroom economy model. Moreover, Al-Matar emphasized NBK's leadership in the field of social responsibility and its long-standing relationship with society. She also noted that the continuous support and supervision of the program's implementation by NBK's executive management is a remarkable indication of its significance, as they have madeseveral visits that were also attended by parents who expressed great pleasure with the positive changes they saw in their children's behavior and financial literacy. Dr Hussein Al-Sabbaghah Maryam Al-Enezi Manal Al-Mutair It should be noted that NBK is deeply committed to society and human resources development, which is the cornerstone of growth and prosperity, particularly in the field of education. More on Bankee program, the Bankee digital platform acts as a virtual bank inside the school, where students receive their financial allocations, such as salaries and bonuses, and pay fines through account deductions. Students also use their accounts to pay their financial obligations, such as rent, water and electricity bills, and make purchases from the Bankee store on school campus, simulating real-life financial transactions. Bankee truly embodies private-government collaborations that build an informed and responsible generation capable of facing financial challenges efficiently and transparently, which is a concept strongly supported and promoted by the bank as part of its social responsibility efforts. NBK will continue to support all national initiatives that enable Kuwaiti youth to contribute to Kuwait's prosperity, as it believes that investing in students from a young age and providing them with educational support as per international standards will build a generation capable of elevating Kuwait's reputation in all fields.
Arab Times
26-05-2025
- Arab Times
Kuwait tightens financial oversight for charitable and cooperative societies with new amendments
KUWAIT CITY, May 26: Minister of Social Affairs, Family and Childhood Affairs Dr. Amthal Al-Huwailah announced on Sunday the issuance of new amendments to Law No. 2 of 2016, which governs the establishment of the Public Authority for Combating Corruption (Nazaha). The amendments focus on financial disclosure requirements aimed at strengthening transparency, integrity, and accountability in civil, charitable, and cooperative work. In a statement to Kuwait News Agency (KUNA), Dr. Al-Huwailah said the Ministry of Social Affairs proposed the amendments to include additional categories required to submit financial disclosure statements to Nazaha. These newly added categories include financial and administrative controllers, members of the boards of directors of charitable and civil societies, as well as their executive directors. These categories are now included alongside the existing requirement for members of cooperative society boards. 'The goal of these changes is to enhance oversight and achieve the highest standards of transparency across the various sectors supervised by the ministry,' she said. Dr. Al-Huwailah emphasized the importance of all individuals covered by the amendments submitting their financial disclosures on time. She reiterated the ministry's commitment to reinforcing governance principles, upholding integrity, and ensuring sound management and accountability of public funds in charitable, civil, and cooperative activities. The amendments were formalized in Decree-Law No. 69 of 2025, which modifies some provisions of Law No. 2 of 2016 concerning the Public Authority for Combating Corruption and financial asset disclosure. The decree was published in the Official Gazette (Kuwait Today), issue No. 1740, on Sunday, Dhu al-Qi'dah 27, 1446 AH, corresponding to May 25, 2025.
