Kuwait’s Financial Intelligence Unit (FIU) has signed two separate compromises (MUSs) with the aim of sharing information with India’s Money Laundering Bureau and Iraq’s Money Laundering and Terrorist Financing Bureau of Iraq and strengthening financial intelligence cooperation. These agreements have been reached after the global conference of the Egmont Group, a reputed organization of financial intelligence units around the world.
Kuwait FIU chief Hamad Al-Mekard told the Kuwait News Agency (KUNA), “The agreement reflects the joint commitment of India and Kuwait to increase transparency and cooperation. Currently increasing challenges of financial crimes demand more information and partnership of more information.” He also said that it is our priority to increase the scope of international cooperation, strengthen the efficiency of sharing information according to global standards, strengthen technical analysis capabilities and establish intensive cooperation with financial intelligence partners.
Cooperation between Kuwaiti and Iraqi financial units was already strong, and this new agreement would further deepen the relationship. Al-Mekard said, “This agreement will play an important role to simplify bilateral information flow and deal with shared financial offenses.”
Through these agreements, Kuwait has made it clear that he
Giving priority to transparency of global financial system
Taking strict steps against illegal financial transactions, money laundering and terrorist financing
Following the guidelines of international forums such as FATF and Egmont Group is increasing technical and intelligence cooperation.
