Finance Minister Barrak Al-Sheetan

KUWAIT: Minister of Finance Barrak Al-Sheetan on Tuesday issued a ministerial resolution to form a panel to examine the amendment of Law 106/2013 on money laundering and terrorism financing, mainly with regards to the tasks undertaken by the financial inspection unit.

Minister Sheetan explained in a statement to the press that his decision was intended to affirm his keenness and continuous support for activating the inspection unit since he took office in February. The unit’s personnel have taken measures referring money laundering suspects to the public prosecution, the minister said, affirming its key role at this level.

The committee which he has ordered to be formed will examine shortcomings in existing legislations and propose adequate modifications to enhance efficiency of the financial inspection team’s personnel, back up their independence, and boost their jurisdictions and tools for attaining the aspired objective, Sheetan added. This approach, he continued, is aimed at preserving Kuwait’s image with respect of combating money laundering and terrorism funding. – KUNA