KWFIU News
Kuwait Financial Intelligence Unit Signs Memorandum of Understanding with the Ministry of Finance to Strengthen AML/CFT Cooperation
The Kuwait Financial Intelligence Unit (KwFIU), represented by its Chairman, Dr. Hamad Khaled Al-Mekrad, and the Ministry of Finance, represented by Undersecretary Ms. Aseel Sulaiman Al-Munifi, signed a Memorandum of Understanding on the exchange of information concerning State-owned properties. The MoU aims to strengthen cooperation and coordination between the two entities in combating money laundering, predicate offences, and terrorist financing through enhanced information sharing and the exchange of expertise. This partnership supports the development of effective mechanisms for the prevention and detection of financial crimes in accordance with Kuwait’s legal and regulatory framework. It also reflects ongoing efforts to expand institutional cooperation across government entities, strengthen the detection of suspicious financial activities, protect the national economy, and promote transparency and integrity in financial transactions.
Kuwait Financial Intelligence Unit Participates in the 32nd Egmont Group Plenary Meeting in Baku
A delegation from the Kuwait Financial Intelligence Unit (KFIU), headed by its Chairman, Dr. Hamad Al-Mukrad, participated in the 32nd Egmont Group Plenary Meeting, held in Baku, Azerbaijan, from 5 to 10 July. Dr. Al-Mukrad stated that Kuwait’s participation in the meeting reflects the FIU’s active role on the international stage and underscores its continued and impactful presence in key international forums. He added that the selection of the Kuwait FIU to represent the Middle East and North Africa region on the Advisory Committee responsible for the selection of the Egmont Group Chair, Vice Chair, and other leadership positions—among 182 member Financial Intelligence Units—demonstrates the international confidence in Kuwait and the distinguished standing it has earned within the global community. Dr. Al-Mukrad explained that the meeting addressed several strategic issues, foremost among them strengthening public-private partnerships, in addition to discussing a range of topics related to the development of Financial Intelligence Units, including enhancing their operational independence to improve the effectiveness of anti-money laundering and counter-terrorist financing frameworks at both the national and international levels. He also noted that, on the sidelines of the meeting, the Kuwait FIU signed three Memoranda of Understanding with the Financial Intelligence Units of the Republic of Azerbaijan, the Republic of Malta, and the Republic of Albania, further strengthening bilateral cooperation and the exchange of financial intelligence in accordance with international standards. He added that these Memoranda of Understanding, together with active participation in working groups and regional bodies, enhance Kuwait’s capacity to address emerging challenges in this field, particularly cross-border financial crimes. Dr. Al-Mukrad further noted that this year’s plenary theme, “The Evolution of Public-Private Partnership Models,” reflects Kuwait’s commitment to maintaining a strong presence in international forums dedicated to combating money laundering and terrorist financing, while promoting international cooperation and the exchange of expertise and best practices. He reaffirmed the Kuwait FIU’s commitment to strengthening international and regional cooperation and to continuously enhancing its operational frameworks in line with global best practices, contributing to a comprehensive national financial integrity framework and reinforcing Kuwait’s international standing. The 32nd Egmont Group Plenary Meeting brought together representatives from more than 180 Financial Intelligence Units, alongside international organizations and partners engaged in combating money laundering and terrorist financing.
Kuwait Financial Intelligence Unit Signs Cooperation and Information-Sharing Agreement with the Public Authority for Industry
The Kuwait Financial Intelligence Unit (KFIU) signed a Cooperation and Information-Sharing Agreement with the Public Authority for Industry (PAI) on Monday, with the aim of strengthening coordination and institutional cooperation between the two entities in combating money laundering, its associated predicate offences, and terrorist financing, as part of the State’s efforts to safeguard the integrity of Kuwait’s financial and economic system. Acting Director General of the Public Authority for Industry, Shamlan Hamoud Al-Jaheidli, stated that the agreement represents an important step toward enhancing institutional cooperation between the two entities, supporting national efforts to combat money laundering, predicate offences, and terrorist financing within the legal mandates assigned to each party. He added that the agreement establishes a framework for the exchange of relevant information and data in accordance with applicable legislation and legal controls, ensuring the provision of information within the Authority’s remit to support financial analysis and enhance the FIU’s ability to detect activities that may require legal action. Al-Jaheidli explained that, within its legal mandate, the Public Authority for Industry will provide the FIU with information relating to industrial and craft plots, issued and cancelled licences, usufruct contracts, statistical data, and other information permitted by law to be shared, while ensuring the confidentiality, protection, and use of such information solely for the purposes specified in the agreement. He noted that the agreement establishes clear mechanisms for exchanging information through secure and official channels, including electronic connectivity between the two entities, the designation of contact points, and procedures for handling both routine and urgent requests, thereby enhancing the speed, accuracy, and efficiency of information exchange and institutional coordination. He further stressed that the agreement places significant emphasis on safeguarding the confidentiality and security of exchanged information in accordance with applicable laws and regulations. It also provides for periodic meetings to monitor implementation, evaluate cooperation mechanisms, and explore opportunities to further strengthen joint efforts in the public interest and improve institutional performance. Al-Jaheidli affirmed that the agreement reflects the Public Authority for Industry’s commitment to strengthening cooperation with national authorities, promoting transparency and compliance, protecting the national economy, and supporting Kuwait’s framework for combating financial crimes. For his part, KFIU Deputy Chairman Yousef Ali Al-Omar stated that the agreement establishes mechanisms for exchanging information and data between the two entities in accordance with applicable legislation, thereby enhancing institutional cooperation, strengthening compliance and oversight frameworks, protecting the national economy, and promoting transparency. He added that the agreement provides a clear framework for cooperation and a structured mechanism for exchanging relevant information in line with applicable laws and regulations, contributing to more effective institutional coordination in support of financial analysis and financial crime investigations. Al-Omar explained that the agreement regulates information exchange through official requests or approved electronic connectivity between the two entities. The exchanged information includes data maintained by the Public Authority for Industry relating to industrial and craft plots, industrial licences, statistical information, and any information identified by the Authority during the exercise of its functions that may be linked to money laundering or terrorist financing offences, within the limits permitted by law. He further noted that the agreement includes clear safeguards governing the use of exchanged information, restricting its use exclusively to purposes related to combating money laundering, associated predicate offences, and terrorist financing. It also requires full compliance with confidentiality obligations and prohibits disclosure or onward sharing with any third party except as permitted under the agreement and applicable legislation. Al-Omar added that the agreement also provides for regular consultative meetings between the two entities to monitor implementation, enhance cooperation, improve information exchange, support national efforts to combat financial crimes, and ensure compliance with relevant international standards. The agreement was signed by Acting Director General of the Public Authority for Industry Shamlan Hamoud Al-Jaheidli and Deputy Chairman of the Kuwait Financial Intelligence Unit Yousef Ali Al-Omar.
Head of the Kuwait Financial Intelligence Unit and Chairman of Nazaha Discuss Enhancing Cooperation in Combating Money Laundering and Terrorist Financing
The Head of the Kuwait Financial Intelligence Unit (KFIU) and Head of the National Committee for Combating Money Laundering and Terrorist Financing, Dr. Hamad Al-Mekrad, met with the Chairman of the Kuwait Anti-Corruption Authority (Nazaha), Dr. Rana Al-Fares, to discuss strengthening institutional cooperation and enhancing the exchange of expertise and information in combating money laundering and terrorist financing. Dr. Al-Mekrad stated on Thursday that the meeting focused on mechanisms to further develop joint cooperation in a manner that enhances the efficiency of information exchange and supports efforts to combat financial crimes and corruption, building on the complementary mandates of both entities. He added that money laundering and terrorist financing are considered corruption crimes under the provisions of Law No. (2) of 2016 concerning the establishment of the Kuwait Anti-Corruption Authority (Nazaha). They also constitute one of the core areas of responsibility of the Kuwait Financial Intelligence Unit under Law No. (106) of 2013 on Combating Money Laundering and Terrorist Financing. Dr. Al-Mekrad affirmed that the meeting builds on a series of coordination meetings previously held between the two entities, which resulted in the adoption of a new methodology aimed at strengthening institutional cooperation and mutual understanding. The methodology is designed to facilitate the timely exchange of information, enhance coordination, and ensure greater integration in carrying out the mandates of both entities. He explained that the methodology translates the Memorandum of Understanding signed between the two entities into practical implementation by establishing clear operational mechanisms to maximize the benefits of joint cooperation, thereby strengthening the effectiveness of Kuwait’s national framework for combating financial crimes and corruption. Dr. Al-Mekrad also noted that Nazaha is an active member of the National Committee for Combating Money Laundering and Terrorist Financing, reinforcing institutional integration among the relevant national authorities and contributing to unified national efforts to address risks associated with financial crimes. He reaffirmed the Kuwait Financial Intelligence Unit’s commitment to strengthening cooperation with all national authorities, particularly Nazaha, in a manner that enhances the protection of the State of Kuwait’s financial system, strengthens the effectiveness of the national framework for combating money laundering, terrorist financing, and related crimes, and aligns with international standards and best practices.