Kadhum A. Jabbar’s Post

🇰🇼New FATF Report on Kuwait’s Evaluation 8 October 2024, Paris – The new joint evaluation report by the Financial Action Task Force (FATF) and Middleeast and North Africa Financial Action Task Force (MENAFATF) on #Kuwait’s measures to combat #MoneyLaundering and #TerroristFinancing has been published. While Kuwait has an adequate legal and supervisory framework, the report highlights significant shortcomings in achieving effective outcomes, particularly in understanding, investigating, and prosecuting money laundering and terrorist financing cases. The report notes that Kuwait, despite being a high-income country with low levels of violent #crime, faces risks of money laundering linked to #fraud, #corruption, and crimes committed abroad, as well as terrorist financing risks from groups operating outside the country. Kuwaiti authorities are encouraged to enhance their understanding of these risks, especially in the #nonprofit sector and among #VirtualAssetServiceProviders. Additionally, the country needs to strengthen its legal framework for #TargetedFinancialSanctions against terrorist financing and the proliferation of weapons of mass destruction. #aml #compliance #dirtymoney #follothemoney

Türkiye and Jamaica have been removed from FATF grey list! ➡ Türkiye is no longer on the FATF (Financial Action Task Force) “gray list.” This decision came as a significant vote of confidence for the country during its economic turnaround efforts. Previously, Turkey was downgraded to the gray list in 2021 due to concerns about money laundering and terrorist financing. However, the recent progress in strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) regime led to its removal from the list. ➡ Jamaica was previously on the Financial Action Task Force’s (FATF) “grey list.” However, as of June 2024, Jamaica has been removed from the grey list. This positive development signifies that Jamaica has taken steps to strengthen its AML/CFT framework and is no longer subject to increased monitoring by the FATF.

Financial Crimes Enforcement Network, US Treasury has issued an important alert for financial institutions aimed at #identifying and #preventing the financing activities of Hizballah, the Iran-backed #terroristorganization. The goal is to help detect the financial flows supporting Hizballah and prevent funds from being used for #terrorism. Key Points: 1. Hizballah was designated as a Foreign Terrorist Organization (#FTO) in 1997 and as a Specially Designated Global Terrorist (#SDGT) in 2001. In addition to its military and political activities, #Hizballah is deeply involved in illicit global operations to finance its objectives. 2. Global Revenue Generation: Hizballah raises funds through #illicitactivities such as #smugglingoil and #luxurygoods, #moneylaundering, and #armstrafficking. Its networks extend from the Middle East, where it collaborates with other terrorist groups, to Africa and Latin America, exploiting #frontcompanies and #blackmarkets to generate funds. 3. #RedFlag Indicators for spotting suspicious activities linked to Hizballah:   🚩 Transactions with sanctioned entities: Financial movements involving individuals or companies designated by the Office of Foreign Assets Control ("#OFAC") for their ties to Hizballah.    🚩 Operations in high-risk regions: Transactions involving countries such as Lebanon, the Tri-Border Area (Argentina, Brazil, Paraguay), or West Africa, known for #terroristfinancing and money laundering activities.    🚩 Use of #frontcompanies: Businesses with opaque ownership structures or shared addresses with other firms, often used to disguise illegal activities.    🚩 Falsified invoices and documents: Discrepancies in commercial documents, such as inflated or undercharged invoices for goods (e.g., electronics or used cars) shipped to high-risk areas, especially when intermediaries are linked to Hizballah. 4. Suspicious Activity Reports (#SARs): Financial institutions are urged to report any #suspicioustransactions related to Hizballah immediately. FinCEN requests the use of specific codes to help identify and track these activities, enabling faster intervention.

The UAE has joined the Eurasian Group on Combating Money Laundering and Terrorist Financing (EAG) as an observer, becoming the first regional country to do so. It also holds observer status in the Asia-Pacific Group on Money Laundering (APG) and is a full member of the Middle East and North Africa Financial Action Task Force (MENAFATF). ✅ As an observer in the EAG, the UAE will: ↗️ Actively engage in discussions. ↗️ Share expertise and support initiatives. ↗️ Strengthen regional efforts to combat money laundering and terrorist financing. The EAG observer group includes 16 countries and 23 international organisations working to address financial crimes globally. This move reinforces the UAE’s commitment to the Financial Action Task Force (FATF) global network and highlights its active role in combating financial crime. For more information : 📧 [email protected] 📞 +971 508 511 403 #middleeast #EAG #MoneyLaundering #TerroristFinancing #legalupdates #uae #lawyers #law #dubai #unitedarabemirates

On October 8, 2024, the 🇫🇷 Financial Action Task Force (FATF) and the 🇲🇦 Middle East and North Africa Financial Action Task Force (MENAFATF) published a new joint evaluation report on 🇰🇼 Kuwait’s efforts to combat #MoneyLaundering and #TerroristFinancing. While Kuwait has a sufficient legal and supervisory framework, the report identifies significant shortcomings in effectively understanding, investigating, and prosecuting related cases. Despite being a high-income country with low violent crime rates, Kuwait faces money laundering risks linked to fraud, corruption, and crimes committed abroad, as well as #terrorist #financing risks from groups operating outside its borders. The report urges Kuwaiti authorities to improve their understanding of these risks, particularly in the nonprofit sector and among virtual asset service providers. Furthermore, the country must strengthen its legal framework for targeted financial sanctions against terrorist financing and the proliferation of #weapons of #mass #destruction. #FATF #MENAFATF #AML #Compliance #DirtyMoney #FollowTheMoney #Iran🇮🇷 #Russia🇷🇺☢️

The United Arab Emirates has established a new committee to combat money laundering and terrorism financing. The National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) will replace the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism. This decision reflects the UAE's commitment to safeguarding its financial system and reflects a recent UAE Cabinet resolution. This is a significant restructuring of the UAE's anti-money laundering framework. All personnel from the Executive Office will transition to the NAMLCFTC, with Hamid Saif Al Zaabi appointed as Secretary-General. #UAE #antimoneylaundering #terrorismfinancing #financialcrime #NAMLCFTC #UAEeconomy #compliance #financialintegrity #AML #CFT

📢𝐅𝐀𝐓𝐅 𝐏𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐊𝐮𝐰𝐚𝐢𝐭’𝐬 𝐌𝐮𝐭𝐮𝐚𝐥 𝐄𝐯𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧 & 𝐉𝐚𝐩𝐚𝐧’𝐬 𝐑𝐞-𝐑𝐚𝐭𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭: 🇰🇼 𝐊𝐮𝐰𝐚𝐢𝐭: Kuwait has rules and systems in place to fight 𝐦𝐨𝐧𝐞𝐲 𝐥𝐚𝐮𝐧𝐝𝐞𝐫𝐢𝐧𝐠 and 𝐭𝐞𝐫𝐫𝐨𝐫𝐢𝐬𝐭 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠, but struggles with effective results. #Crimes like 𝐟𝐫𝐚𝐮𝐝, 𝐜𝐨𝐫𝐫𝐮𝐩𝐭𝐢𝐨𝐧, 𝐚𝐧𝐝 𝐟𝐨𝐫𝐠𝐞𝐫𝐲 are the main sources of ML, while TF threats come from outside groups. Although #Investigations into money laundering are growing, getting convictions is tough without proving the crime that led to it. #Prosecutions for terrorist financing are also limited and often don’t end in conviction. It’s important to 𝐩𝐫𝐨𝐭𝐞𝐜𝐭 𝐧𝐨𝐧-𝐩𝐫𝐨𝐟𝐢𝐭 𝐨𝐫𝐠𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧𝐬 from being used for TF without stopping their good work. 𝐊𝐮𝐰𝐚𝐢𝐭 𝐚𝐥𝐬𝐨 𝐥𝐚𝐜𝐤𝐬 𝐜𝐥𝐞𝐚𝐫 𝐝𝐚𝐭𝐚 on who #TrulyOwns businesses, which affects transparency. To improve, Kuwait needs 𝐬𝐭𝐫𝐨𝐧𝐠𝐞𝐫 𝐥𝐚𝐰𝐬 𝐭𝐨 𝐟𝐫𝐞𝐞𝐳𝐞 𝐚𝐬𝐬𝐞𝐭𝐬 tied to terrorism and better #RiskAssessments of risks, along with more convictions. 🇯🇵 𝐉𝐚𝐩𝐚𝐧: Since its 2021 𝐞𝐯𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧 𝐛𝐲 𝐭𝐡𝐞 𝐅𝐀𝐓𝐅, Japan has made important #Improvements in its 𝐚𝐧𝐭𝐢-𝐦𝐨𝐧𝐞𝐲 𝐥𝐚𝐮𝐧𝐝𝐞𝐫𝐢𝐧𝐠 and 𝐜𝐨𝐮𝐧𝐭𝐞𝐫-𝐭𝐞𝐫𝐫𝐨𝐫𝐢𝐬𝐦 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 measures. Key areas like regulations on stopping illegal financing and #Monitoring the non-profit sector have improved, now rated as 𝐥𝐚𝐫𝐠𝐞𝐥𝐲 𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐭. Japan has also made progress in customer #DueDiligence and tracking #BeneficialOwnership, with full compliance in 4 areas and large compliance in 35. This shows Japan’s 𝐬𝐭𝐫𝐨𝐧𝐠 𝐜𝐨𝐦𝐦𝐢𝐭𝐦𝐞𝐧𝐭 𝐭𝐨 𝐟𝐢𝐠𝐡𝐭𝐢𝐧𝐠 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐜𝐫𝐢𝐦𝐞 and addressing the issues raised in previous reviews, emphasizing the need for global cooperation in tackling these risks. For more details, refer to 𝐅𝐀𝐓𝐅’𝐬 𝐨𝐟𝐟𝐢𝐜𝐢𝐚𝐥 𝐩𝐮𝐛𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 (links in the comment section). #AML #CFT #Kuwait #Japan #FATF #MoneyLaundering #TerroristFinancing #ProliferationFinancing

Edwin Harris,CAMS,CFE,MPA, The Director of Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) expressed satisfaction with the new financing, stating it was timely for implementing the 2023-2027 Strategic Plan in partnership with African Development Bank Group. This funding will significantly enhance the #antimoneylaundering and #terrorismfinancing efforts across its member countries. He highlighted the importance of these interventions in strengthening financial oversight and ensuring regulatory compliance and emphasized the critical role this support plays in bolstering the organization's capabilities to effectively manage and mitigate #financialcrimes, thus reinforcing the security and economic stability of the region. Read more on this article by Emmanuel Chilamphuma, FurtherAfrica #giaba #AfDB #ecowas #sadc

The UAE Cabinet has issued a decision according to which The National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) will replace the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism. #antimoneylaundering #UAE #Finance #Finance360

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