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Kuwait signs deals with India, Iraq to bolster anti-money laundering, terrorist financing

KUWAIT: Kuwait's Financial Intelligence Unit and India's Anti-Money Laundering Bureau signed on Tuesday a memorandum of understanding (MoU) aiming to beef up cooperation on information exchange and financial intelligence efforts. In a statement to KUNA, the Kuwaiti financial watchdog's chief Hamad Al-Mekrad said the deal, signed after a gathering of global financial watchdog body Egmont Group, is a testament to Kuwait and India's collective commitment to boost transparency and cooperation, based on the principles and guidelines of the global financial organisation of intelligence units. The agreement is a major step forward towards clamping down on financial crime at a time of growing challenges that require greater cooperation and information exchange. Al-Mekrad noted that the priority now is to expand the scope of international cooperation, enhance the efficiency of information exchange in accordance with the highest standards, strengthen technical analysis capabilities, and build partnerships with counterpart units, thus contributing to protecting the national and global financial system from any illicit exploitation. Kuwait's Financial Intelligence Unit and Iraq's Anti-Money Laundering and Terrorist Financing Bureau signed on Tuesday a MoU aiming to beef up cooperation on information exchange and financial intelligence efforts. The agreement is a major step forward towards clamping down on financial crime at a time of growing challenges that require greater cooperation and information exchange, Al-Mekrad said in a statement. The level of cooperation between the Kuwaiti and Iraqi financial intelligence units has been on an upward trajectory even before the new deal came to fruition, added the official, expecting the agreement to be instrumental in simplifying the flow of bilateral information exchange, he underlined. The deal is part of Kuwaiti efforts to broaden financial cooperation with international bodies, subsequently putting in place a financial environment marked by transparency and safety, he said