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    کد خبر : 23306
    تاریخ انتشار : 3 اسفند 1391 10:22
    تعداد بازدید : 767

    Kuwait: Anti-money laundering law to be enforced this year

    KUWAIT: The government is pushing the parliament to accord priority to enforce the antimoney laundering and anti-terror funding law as a first step in a series of measures by which Kuwait hopes to avoid sliding further south in international rankings in this area. According to a letter sent by Deputy Prime Minister and Minister of Finance Mustafa Al-Shamali to Parliament Speaker Ali Al-Rashid and quoted by Al-Watan newspaper recently, the law needed to be enforced within six months in order for the government to be able to stick to its timeline for "adjusting the situation in line with international standards." "The [draft law] project allows for taking suitable steps for freezing and seizing possessions on terrorism suspicions, and provides the legal basis for the Foreign Ministry to fulfill its obligations in pursuance of UN Security Council resolutions pertaining to freezing of assets," read the letter which was reportedly submitted sometime around the beginning of the year.

    Al-Qabas newspaper simultaneously published a report detailing the consequences of failure to enforce the aforementioned law and ten other subsequent steps before June 2013. "In this case, Kuwait's credit ranking will be dropped, leading the country to be classified under the same tier as Iran and North Korea," said sources with knowledge of the issue. They added while speaking on the condition of anonymity that the subsequent sanctions as a result of the lowered ranking "will leave negative impact on state-owned investment firms such as the Kuwait Investment Authority and Public Institution for Social Security, as well as local banks and individuals with businesses outside Kuwait." Meanwhile, Al-Qabas reported quoting government insiders that representatives from the Foreign Ministry, Justice Ministry, Central Bank and other state departments met with members of the parliament's legislative committee last week and asked them to "finalize the law as soon as possible in order for it to be debated in the parliament before the end of April." "The government representatives] warned about international sanctions that include banking isolation should the deadline pass before the law is enforced," the sources said. To achieve that goal, the parliament needs to incorporate this topic in its already busy schedule that includes four grilling motions so far submitted. The parliament is scheduled during today's session to debate a grilling motion filed by MP Hassan Al-Qallaf against Minister of Communications Salem Al-Othaina, and an interpellation filed by MP Faisal Al- Duwaisan against First Deputy Prime Minister and Minister of Interior Sheikh Ahmad Al- Hmoud Al-Sabah.


    There are unconfirmed reports that the cabinet is going to request a two-week delay for debating the interior minister's grilling. Meanwhile, MPs Saadoun Hammad Al-Otaibi and Nawaf Al-Fuzai' filed a grilling yesterday against Minister of Oil Hani Husain, while Al- Fuzai' filed a second grilling against minister Al-Shamali. In other news, minister Al-Shamali was quoted in an Al-Jarida report recently as rejecting rumors hinting that the government plans to pay grants to Kuwaitis to coincide with the state's National holidays. He also reiterated the government's rejection of any calls about writing off the interests of citizens' loans in local banks about which MPs are trying to pass a law.

     

    © zawya


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