34 ALRAQABA . ISSUE 20 Next, we will review the legislation regulating anti-corruption and anti-money laundering in the State of Kuwait: Third: Legislation regulating anti-corruption and anti-money laundering in the State of Kuwait: The State of Kuwait has a positive role in combating corruption and money laundering crimes through its accession to the relevant United Nations conventions. Many legislations have been issued to address and combat these issues and take precautionary measures towards them. For example: Law No. 106 of 2013 on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), Law No. 2 of 2016 on the Establishment of Kuwait Anti-Corruption Authority (Nazaha) and the Provisions on Financial Disclosure, and the Council of Ministers Resolution No. 1532 of 2013 on Kuwait Financial Intelligence Unit. Kuwait’s government institutions and bodies, in turn, promote transparency and extend cooperation in combating corruption in all its forms and manifestations. Fourth: The role of oversight bodies in reducing fraud, corruption, and money laundering in the State of Kuwait: Oversight bodies in the State of Kuwait play an important role in reducing fraud, corruption, and money laundering in accordance with international agreements and laws regulating them, for example: 1. Kuwait Anti-Corruption Authority (Nazaha): It is an independent and impartial body established by Law No. 2 of 2016. The establishment of this body came in response to the requirements of the United Nations Convention against Corruption. The aim of its establishment is to establish the principles of transparency and integrity in economic and administrative transactions. Nazaha works towards combating corruption, preventing its risks and effects, prosecuting the perpetrators, and recovering the funds and proceeds resulting from its practice per the law. It also aims to enhance the principles of cooperation and partnership with countries as well as regional and international organizations in the fields of combating corruption. 2. Central Bank of Kuwait (CBK): CBK is concerned with the oversight of banks, exchange companies, and financing companies. It has issued instructions on anti-money laundering and combating the financing of terrorism (AML/CFT), requiring banks to put in place procedures to ensure the full implementation of all mandatory anti-money laundering requirements and to ensure continuous follow-up of transactions carried out by customers in accordance with the requirements of due diligence necessary in this regard. 3. Ministry of Commerce and Industry (MOCI): MOCI is responsible for supervising and overseeing insurance companies, agents, intermediaries, exchange institutions, and real estate brokers in coordination with other competent oversight bodies. 4. Kuwait Financial Intelligence Unit (KwFIU): Article 16 of Law No. 106 of 2013 on AML/ CFT provides for the establishment of a unit called the “Kuwait Financial Intelligence Unit”, which shall have an independent legal personality. According to the same Article, KwFIU shall operate as the entity responsible for receiving, requesting, analyzing, and transmitting information related to what is suspected to be the Perspective Audit
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