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CBK holds workshop on money laundering, finance of terrorism

KUWAIT: The Central Bank of Kuwait (CBK) stressed yesterday the importance of boosting its efforts for meeting the international requirements and recommendations of the Financial Action Task Force (FATF) to combat money laundering and finance of terrorism. This is implemented via inspecting the abidance of FATF criteria, and by following up on the ultimate possible manners of recommendations issued by financial institutions on that matter, CBK added in a statement issued today as it held a workshop in coordination with the US Department of Justice (DOJ) on money laundering and financing terrorism via video call technology.

Participants in the workshop also discussed latest challenges and dangers in this field, and tackled illegal financial practices, virtual assets, compliance requirements, as well as reviewing the best control practices applied globally in this regard. “This workshop is part of CBK’s efforts in following up with the regional and international developments in a changeable financial environment and is a vital step towards bolstering cooperation with US in fighting the financial crimes,” the statement quoted Executive Director of the supervision sector in CBK Waleed Al-Awadi as saying.

The workshop also discussed the international views regarding combating financial crimes and financing terrorism under new threats, especially the virtual ones, the US Deputy Chief of Mission James Holtsnider, said. (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. – KUNA

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