Kuwait: A New Stance on Financial Crime
Type
E-journal
Date
18 Apr 2016
Jurisdiction
Kuwait
Taxonomy
Financial & Business Offences, Regulation & Offences, Offences against the State & the General Public
Copyright
LexisNexis
Relevant company
Al Tamimi & Company
Legal reference
Kuwait Law No. 106/2013
Analysis
Two major sources of concern for governments and financial institutions worldwide are money laundering and terrorism financing transactions. In order to curb the instances and effects of such transactions, the international financial community has made significant efforts to introduce policies aimed at setting certain criteria and recommendations related to raising awareness of money laundering and terrorism financing transactions.
Such policies also aim to reduce the damaging effects money laundering and terrorism financing have on a global, local, economic, social and political level.
New and improved governing principles and standards to protect local financial institutions