KUWAIT, Jan 21 (KUNA) - Kuwait is keen on creating laws to criminalize the financing of terrorism to implement key UN Security Council resolutions to exit the stage of enhanced follow-up for FATF evaluation, said Kuwaiti Assistant Foreign Minister for Development and International Cooperation Ambassador Hamad Al-Mashaan.
This was stated in Al-Mashaan's speech at the workshop held by the Ministry of Foreign Affairs entitled "Targeted Financial Sanctions, Asset Recovery and Mutual Legal Assistance", which was organized in cooperation with the International Institute for Justice and the Rule of Law and attended by the Institute's Director, Reinhard Oehrig.
The workshop is being held Tuesday in cooperation with the International Institute for Justice and the Rule of Law to train and qualify those concerned with combating terrorism and its financing.
He pointed out the committee's keenness to develop the competencies and human cadres in Kuwait to implement the international obligations stipulated in the Security Council resolutions issued under Chapter VII and translate them by taking precautionary measures to combat the financing of terrorism and prevent terrorist organizations from exploiting the financial system.
The workshop aims to highlight the results and conclusions of the Financial Action Task Force (FATF) / Middle East and North Africa Financial Action Task Force on Kuwait, which was published in October 2024. Senior Practitioner from the International Institute for Justice and the Rule of Law,Jens Cofield Andreasen, took part in its sessions under the slogan (Targeted Financial Sanctions). It also focused on building on recommendations 6 and 7 of the Financial Action Task Force and the importance of developing laws to criminalize the financing of terrorism and the necessary procedures to implement the main resolutions of the UN Security Council on financial sanctions.
The second session will focus on asset recovery, freezing, confiscation and mutual legal assistance based on FATF Recommendation 4. This session will delve into the identification, freezing and confiscation of assets linked to terrorist activities, including virtual/electronic assets, with a focus on leveraging mutual legal assistance to facilitate cross-border cooperation.
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. It sets international standards that aim to prevent illegal activities and the harm they cause to society. (end) ahk.aa