MORE RESTRICTIONS ON REMITTANCES, CENTRAL BANK OF KUWAIT ASKED FOR INFORMATIONS

  • 23/02/2022

Kuwait City: The Central Bank of Kuwait has asked banks, financial institutions and exchange companies across the country to report how non-profit organizations are classified and provide accurate information about charitable organizations to the authorities. The discussions on this would take place next month under the auspices of the Financial Action Task Force (FATF), an international agency. The Central Bank has warned foreigners and nationals not to send money to individuals or institutions abroad who are not previously associated with them. The new measures are part of a crackdown on money laundering, terrorist financing, begging and financing of illegal organizations.


Kuwait has taken strong action against hawala transactions. There are strict conditions, including accepting donations for charitable activities. It is illegal to collect money for charitable activities without the permission of the Ministry. The Ministry of Social Welfare has said that donations should be made through banks.

Banks and exchange companies have a big role to play in combating money laundering. The Ministry also reminds the need for financial institutions to do their part in combating this crime, identifying risks, managing clients, reporting suspicious transactions and keeping proper records.

The Financial Action Task Force (FATF) team will visit Kuwait in  May  . FATF was founded in 1989. Authorities say the FATF will set standards and take legal action to combat threats related to money laundering, terrorist financing, expansion and the integrity of the international financial system. Currently, the European Commission, the Gulf Co-operation Council and more than 50 countries are cooperating with the Financial Action Task Force. 

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