Latest news with #KuwaitAnti-CorruptionAuthority
Kuwait Times
27-05-2025
- Business
- 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
20-05-2025
- Business
- Arab Times
Non-filers of assets to lose jobs and face fine
KUWAIT CITY, May 20: The Kuwait Anti- Corruption Authority (Nazaha) has issued a warning regarding delays by the concerned parties in submitting financial disclosure statements per Law No. 2/2016 within the legal deadlines, reports Al-Seyassah daily. It affirmed that these disclosures serve as a preventive measure to promote transparency, ensure oversight of public positions and their holders, and protect public funds. On its X account, Nazaha explained that delaying the submission of the first disclosure after a warning, for more than 90 days, could result in a fine of at least KD 500, with the possibility of dismissal from the position. Failure to update the disclosure within the specified deadlines, if the delay exceeds 90 days after the warning, could result in a fine of up to KD 10,000, imprisonment for up to one year, and the potential for dismissal from the position. Delaying the submission of the final disclosure for more than 90 days could result in fines of up to KD 30,000 and imprisonment for up to three years. After the disclosures are submitted, the relevant inspection committees verify the accuracy of the data and prepare necessary reports. If there is any suspicion of illicit gain, the case is referred to the competent authorities for appropriate legal action. It is worth noting that in February, the government announced amendments to Law No. 2/2016, which expanded the categories required to submit financial disclosures. These now include chairpersons and members of boards of directors of charitable and civil society organizations, executive directors, financial controllers, administrators in cooperative societies, members of legal departments in certain government agencies, and customs inspectors. The amendments also expanded the scope of corruption crimes to include the embezzlement of cooperative society funds, as well as the crimes already covered by the law. The goal is to protect shareholders' funds and strengthen oversight of these societies.
Zawya
01-05-2025
- Business
- Zawya
NBK hosts Bankee participants to simulate the program's application
The program's exceptional content encouraged many schools to join Since its launch, Bankee was able achieve a remarkable behavioral shift for the students National Bank of Kuwait hosted several schools participating in Bankee to explore and simulate the practical application of the program that comes in collaboration with the Ministry of Education, Kuwait Anti-Corruption Authority «Nazaha», and Creative Confidence. NBK's executive management attended the event as part of its commitment to track the progress of Bankee and the extent to which schools are benefiting from the program, as well as measure its effect upon the students and teachers. The event consisted of four main pavilions simulating classrooms and student-interaction methods, in addition to a corner specifically designed for the store where students are taught the fundamentals of spending, as well as a corner for interactive activities about earning and spending money, and finally a corner for donations to endorse the culture of aiding others and paying back to society. The schools that participated in the event were Al-Fadhl Ibn Al-Abbas Elementary School for boys, Lulwa Mulla Saleh Al-Rabi'a Elementary School for girls, Um Al-Munthir Elementary School for girls, and Al-Sulaibikhat Elementary School for girls. Bankee is the largest and first program in Kuwait, which is offered by NBK in collaboration with the Ministry of Education and Kuwait Anti-Corruption Authority «Nazaha». It aims to teach students core economic concepts and behaviors such as earning, spending, saving, and financial commitments, and instill core values such as honesty, integrity, personal development, accountability, and teamwork. The program also aspires to raise a generation that understands the importance of financial independence and stability and has the financial knowledge and skills to help achieve sustainable development and economic welfare for individuals and society. The event witnessed remarkable interaction between the students and teachers about how the program operates in schools and the way students deal with its rich content, which raises their financial awareness. From their part, the Bankee teachers expressed their appreciation for NBK's efforts to support education and instill positive concepts in future generations, highlighting that Bankee has remarkably contributed to enhancing the financial literacy, skills and behaviors of the students. Moreover, this event echoes NBK's commitment to follow up with the program and trace its positive influence on the students' behaviors by supplementing them with the necessary skills needed in managing their financials, in addition to the noticeable progress in their financial knowledge after applying the program in their schools.' As part of its commitment to enriching the «Bankee» content, NBK has launched accounts on different social media platforms, such as Instagram, TikTok, and YouTube to enable all participants to access valuable content, activities, and events from schools around the year. Additionally, the program's website has been launched in both Arabic and English, and the admission for the academic year 2025-2026 is now open. The executive management's follow-up visits to the schools further highlight the program's significance. Many parents attended these visits, in which they expressed their pleasure with the positive influence they noticed in their children's financial knowledge and behaviors. The National Bank of Kuwait believes in the importance of initiatives between the private and government sectors, as they provide the youth with the needed and necessary knowledge and skills to achieve prosperity and well-being for Kuwaiti individuals and society.
Arab Times
26-04-2025
- Business
- Arab Times
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.
Arab Times
19-02-2025
- Politics
- Arab Times
‘Check and balance crucial for better public sector services'
KUWAIT CITY, Feb 19: Kuwait Anti-Corruption Authority (Nazaha) Director Abdulaziz Al-Ibrahim has stressed that 'anticorruption efforts are not limited to a specific entity; as they are part of a participatory process in which each entity plays its role as per its ethical, professional and national responsibilities, and under a vision for a just society free of corruption, where ethical practices are supported and public trust is of utmost importance.' Al-Ibrahim made the statement in the Second Adaa Conference on the Code of Professional Conduct held Tuesday at the Nazaha Theater with Civil Service Commission (CSC) Chairman Dr. Issam Al-Rubaian and many State officials in attendance. He said the conference activates the initiatives of the national strategy to enhance integrity and combat corruption. He revealed the 'Adaa' project is based on the Code of Professional Conduct issued by the CSC as a reference for the rules of professional conduct that the program aims to develop, indicating it is an important step to improve the quality and integrity of public sector services. He added the conference documents the conclusion of a phase of the project after 14 participating entities completed the requirements of the second phase, coinciding with the success in reaching more than 25,000 employees. He explained that the project was designed to assess the extent of commitment to the Code of Conduct for employees and classify public sector entities into four levels of accreditation: bronze, silver, gold and diamond, according to a system characterized by gradation. He then emphasized the belief of Nazaha and its partners in the necessity of raising awareness on the risks of corruption and ways to prevent it. On the other hand, Al-Rubaian clarified that the Code of Conduct is not just a regulatory document, as it is rather an ethical and professional charter that reflects the values of distinguished institutional performance. He asserted that 'the partnership between CSC and Nazaha is the cornerstone in building an integrated system to improve professional behavior, consolidate the principles of corporate governance, and confront everything that violates the principles of integrity and transparency. Combating corruption is not limited to control procedures, as it begins with awareness and qualification, as well as consolidating the culture of responsibility and accountability within the government work environment.' He stressed that activating the code requires serious cooperation between all government agencies and involving employees in understanding their responsibilities and rights through intensified training programs and continuous awareness.
