Kuwait’s Financial Investigations Unit is contracting the Vienna-based firm FTA to improve its anti-money laundering efforts, with a contract valued at 6.1 million euros. The State Audit Bureau has approved this contract, emphasizing the necessity for reasonable pricing and the training of national staff to alleviate financial burdens. The FATF has previously criticized Kuwait for not adequately addressing money laundering issues despite robust legal frameworks.
Kuwait’s Financial Investigations Unit (FIU) is nearing the conclusion of procedures to directly contract Financial Transparency Advisors (FTA), a firm located in Vienna, Austria. This partnership aims to deliver expert guidance and technical support to bolster Kuwait’s ongoing initiatives against money laundering and terrorism financing, especially during evaluations by the Financial Action Task Force (FATF) and the International Cooperation Review Team.
The State Audit Bureau (SAB) has reviewed the contracting details and did not raise any objections regarding the agreement with FTA, valued at 6.1 million euros over 19 months, culminating on March 31, 2026. SAB underscored the necessity for the FIU to confirm that the offered prices are reasonable and aligned with market rates. Additionally, the bureau stressed the importance of ongoing training for national staff to manage necessary tasks effectively, thus avoiding further financial strains from specialized contracts related to this matter.
In its most recent report published last October, the FATF identified “serious shortcomings” in Kuwait’s measures against money laundering, despite the country having adequate legal and regulatory frameworks in place. While recognizing the Central Bank, Capital Markets Authority, and the Insurance Unit’s solid understanding of the risks involved, the FATF highlighted failures in effectively addressing issues of money laundering and terrorism financing.
In summary, Kuwait’s FIU is set to collaborate with Financial Transparency Advisors to enhance its efforts against money laundering and terrorism financing, in light of FATF’s critical feedback. With the State Audit Bureau’s approval of the contract, it is crucial for the FIU to ensure competitive pricing and invest in training national personnel to address compliance goals effectively. This initiative comes as part of a broader effort to strengthen Kuwait’s financial regulatory landscape.
Original Source: www.arabtimesonline.com
