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FATFkuwait Full

FATFkuwait Full

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Published by corruptioncurrents

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Categories:Types, Research, Law
Published by: corruptioncurrents on Sep 06, 2011
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09/06/2011

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MIDDLE EAST & NORTH AFRICAFINANCIAL ACTION TASK FORCEFINANCIAL ACTION TASK FORCE
 
Mutual Evaluation
Anti-Money Laundering and Combating theFinancing of Terrorism
State of Kuwait
 
24 June 2011
 
 
The State of Kuwait is a member of the Middle East & North Africa Financial Action Task Force(MENAFATF). It is also a member of the Gulf Co-operation Council, which is a member of theFinancial Action Task Force (FATF). The Mutual Evaluation of the State of Kuwait was conducted bythe International Monetary Fund for MENAFATF and the FATF. The Mutual Evaluation Report wasconsidered and adopted by the MENAFATF at its plenary meeting in Kuwait City, Kuwait on5 May 2011, and then by the FATF at its plenary in Mexico City, Mexico on 24 June 2010, whichintroduced limited changes to it.
 © 2011 FATF/OECD and IMF. All rights reserved.No reproduction or translation of this publication may be made without prior written permission. Requests for permission to further disseminate, reproduce or translate all or part of this publication should be obtained fromthe FATF Secretariat, 2 rue André Pascal 75775 Paris Cedex 16, France (fax +33 1 44 30 61 37 or e-mail:Contact@fatf-gafi.org).
 
Mutual Evaluation of the State of Kuwait
 
© 2011 FATF/OECD and IMF
-
 
3 
TABLE OF CONTENTS
ACRONYMS.................................................................................................................................................. 6
 
PREFACE....................................................................................................................................................... 8
 
EXECUTIVE SUMMARY............................................................................................................................. 9
 
1. GENERAL............................................................................................................................................. 16
 
1.1
 
General Information on Kuwait ................................................................................................... 16
 
1.2 General Situation of Money Laundering and Financing of Terrorism ........................................ 191.3 Overview of the Financial Sector ................................................................................................ 221.4 Overview of the DNFBP Sector .................................................................................................. 281.5 Overview of commercial laws and mechanisms governing legal persons andarrangements ............................................................................................................................... 301.6 Overview of strategy to prevent money laundering and terrorist financing ................................ 302.
 
LEGAL SYSTEM AND RELATED INSTITUTIONAL MEASURES............................................... 34
 
2.1 Criminalization of Money Laundering (R.1 & 2) ........................................................................ 342.1.1
 
Description and Analysis ................................................................................................ 34
 
2.1.2
 
Recommendations and Comments ................................................................................. 42
 
2.1.3
 
Compliance with Recommendations 1 & 2 .................................................................... 42
 
2.2 Criminalization of Terrorist Financing (SR.II) ........................................................................... 422.2.1 Description and Analysis ................................................................................................ 422.2.2 Recommendations and Comments ................................................................................. 432.2.3 Compliance with Special Recommendation II ............................................................... 442.3 Confiscation, Freezing and Seizing of Proceeds of Crime (R.3) ................................................. 442.3.1 Description and Analysis ................................................................................................ 442.3.2 Recommendations and Comments ................................................................................. 472.3.3 Compliance with Recommendation 3 ............................................................................. 472.4 Freezing of Funds Used for Terrorist Financing (SR.III) ............................................................ 472.4.1 Description and Analysis ................................................................................................ 472.4.2 Recommendations and Comments ................................................................................. 512.4.3 Compliance with Special Recommendation III .............................................................. 522.5 The Financial Intelligence Unit and its Functions (R.26)............................................................ 522.5.1 Description and Analysis ................................................................................................ 522.5.2 Recommendations and Comments ................................................................................. 572.5.3 Compliance with Recommendation 26 ........................................................................... 582.6 Law Enforcement, Prosecution and other Competent Authorities
 — 
the Framework for the Investigation and Prosecution of Offenses, and for Confiscation and Freezing (R.27, &28) ................................................................................................................................................ 582.6.1 Description and Analysis ................................................................................................ 582.6.2 Recommendations and Comments ................................................................................. 632.6.3 Compliance with Recommendations 27 & 28 ................................................................ 632.7 Cross-Border Declaration or Disclosure (SR.IX) ........................................................................ 632.7.1 Description and Analysis ................................................................................................ 632.7.2 Recommendations and Comments ................................................................................. 682.7.3 Compliance with Special Recommendation IX .............................................................. 683.
 
PREVENTIVE MEASURES
 — 
FINANCIAL INSTITUTIONS........................................................... 70
 
3.1 Risk of Money Laundering or Terrorist Financing ..................................................................... 733.2 Customer due diligence, including enhanced or reduced measures (R.5 to 8) ............................ 733.2.1 Description and Analysis ................................................................................................ 73

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