Latest news with #Anti-MoneyLaunderingBureau
Arab Times
09-07-2025
- Business
- Arab Times
Kuwait, India Unite to Fight Money Laundering with New Accord
KUWAIT CITY, July 9: 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 organization 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. The level of cooperation between the Kuwaiti and India 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. Al-Mekrad noted that the priority now is to expand the scope of international cooperation, enhance the efficiency of information exchange under 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.(KUNA)
South China Morning Post
07-04-2025
- Business
- South China Morning Post
China's central bank plans to name money launderers to curb financial crimes
China's central bank appears poised to list organisations and individuals at high risk of money laundering, as a new column detailing potential offenders has been added to the bank's website as part of the country's endeavours to clamp down on illicit finance. Advertisement The move comes as Beijing updates its compliance system in advance of a major international inspection this year. While maintaining its high-pressure campaign to limit the exchange of cryptocurrencies such as bitcoin, it revised its Anti-Money Laundering Law last year and established a cross-ministerial task force to review the progress of a three-year action plan which began in 2022. In the update to its website, the Anti-Money Laundering Bureau of the People's Bank of China added a new column under its online 'Risk Warnings and Financial Sanctions' section: a list, blank as of Monday, featuring organisations and individuals deemed likely to engage in money laundering. Wu Changhai, a professor at China University of Political Science and Law, said the planned list is a preventive measure intended to enhance early warning capacity. Advertisement China is getting ready for its fifth-round mutual evaluation by the Financial Action Task Force (FATF), the global standard-setter for rules curbing money laundering and the financing of terrorism. It was accepted as a member in 2007.
