Kuwait’s Financial Intelligence Unit and India’s Anti-Money Laundering Bureau have signed a memorandum of understanding (MoU) aiming to boost cooperation on information exchange and financial intelligence efforts.
The Kuwaiti financial watchdog’s chief Hamad Al-Mekrad said that the deal, signed after a gathering of global financial watchdog body Egmont Group, is a testament to Kuwait and India’s collective commitment to boost transparency and cooperation, based on the principles and guidelines of the global financial organisation of intelligence units.
The agreement is a major step forward towards clamping down on financial crime at a time of growing challenges that require greater cooperation and information exchange.
Al-Mekrad also noted that the priority now is to expand the scope of international cooperation, enhance the efficiency of information exchange in accordance with the highest standards, strengthen technical analysis capabilities, and build partnerships with counterpart units, thus contributing to protecting the national and global financial system from any illicit exploitation.
Image Via: WAM | Cropped by GBN
An MoU between Kuwait’s Financial Intelligence Unit and Iraq’s Anti-Money Laundering and Terrorist Financing Bureau was also signed aiming to beef up cooperation on information exchange and financial intelligence efforts.
The agreement is a major step forward towards clamping down on financial crime at a time of growing challenges that require greater cooperation and information exchange, Al-Mekrad said in a statement.
The deal is part of Kuwaiti efforts to broaden financial cooperation with international bodies, subsequently putting in place a financial environment marked by transparency and safety.
