Kuwait’s FIU is set to contract with Vienna-based Financial Transparency Advisors for 6.1 million euros to combat money laundering and terrorism financing. State Audit Bureau has approved this initiative, and training national staff will be necessary. FATF has noted existing shortcomings despite adequate frameworks.
Kuwait’s Financial Investigations Unit (FIU) is nearing the completion of a contract with Financial Transparency Advisors (FTA), an advisory firm based in Vienna, Austria. This partnership aims to enhance Kuwait’s initiatives against money laundering and terrorism financing, especially in light of reviews by the Financial Action Task Force (FATF) and the International Cooperation Review Team.
The State Audit Bureau (SAB) has scrutinized the contracting documents and has no objections to securing the partnership with FTA, valued at 6.1 million euros over a 19-month period, concluding on March 31, 2026. SAB underlined the importance of ensuring the prices from FTA align with market rates and stressed the need for ongoing training of national staff to mitigate additional public funding costs.
FATF’s recent report highlighted “serious shortcomings” in Kuwait’s combat against money laundering, despite its adequate legal and regulatory framework. While recognizing that regulatory bodies, including the Central Bank, Capital Markets Authority, and the Insurance Unit, possess a solid understanding of associated risks, FATF identified failures in effectively addressing money laundering and terrorism financing.
Kuwait is taking significant steps to enhance its anti-money laundering and terrorism financing measures by engaging the expertise of Financial Transparency Advisors. The collaboration comes in response to FATF’s criticisms, aiming to align Kuwait’s practices with international standards. Continuous training of local personnel remains essential to ensure sustainability without over-reliance on external contracts.
Original Source: www.arabtimesonline.com
