The Government of Kuwait announced on Monday that the country's new anti-money laundering legislation has been passed by Parliament on its second reading.
The law had been under review for several years, but in view of the change in international sentiment, the oil-rich nation wanted to pass new provisions before February in order to avoid potential action by the Financial Action Task Force (FATF).
The new legislation stipulates a maximum seven year prison sentence for money laundering, in addition to a fine equivalent to half the funds laundered. It also imposes criminal penalties on financial service providers and intermediaries who are aware of money laundering activities but fail to report them to the authorities.
Although Kuwait has promised its full cooperation to the United States in the latter's investigations into terrorist financing, bankers in the country have revealed that no suspicious accounts have yet been discovered.
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