Kuwait’s Financial Intelligence Unit partnered with India’s and Iraq’s agencies to strengthen financial intelligence and combat financial crime.
The MoU with India’s Anti-Money Laundering Bureau aimed at enhancing cooperation on information exchange and financial intelligence initiatives.
Hamad Al-Mekrad, chief of Kuwait’s financial watchdog, remarked that this agreement, finalized after a meeting of the global financial oversight body Egmont Group, reflects Kuwait and India’s shared commitment to increasing transparency and collaboration, in line with the principles and guidelines set forth by the global organization of intelligence units. The MoU represents a major advancement in the fight against financial crime, particularly amid escalating challenges that necessitate greater cooperation and information sharing, Kuwait News Agency (KUNA) reported.
Al-Mekrad emphasized that the immediate priority is to broaden the scope of international collaboration, improve the efficiency of information exchange in accordance with the highest standards, enhance technical analysis capabilities, and forge partnerships with counterpart units. This will contribute to safeguarding both national and global financial systems from illicit exploitation.
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Progress in fighting financial crime
Additionally, Kuwait’s Financial Intelligence Unit and Iraq’s Anti-Money Laundering and Terrorist Financing Bureau also signed a MoU to boost cooperation regarding information exchange and financial intelligence efforts.
Al-Mekrad stated that this agreement marks a notable progression in the fight against financial crime, especially at a time when increasing collaboration and information exchange are essential. He added that the cooperation between the Kuwaiti and Iraqi financial intelligence units has been on an upward trend even prior to the new agreement, and he anticipates that it will facilitate the smooth flow of bilateral information exchange.
This deal is part of Kuwait’s broader efforts to enhance financial cooperation with international entities, thereby fostering a financial environment characterized by transparency and security.
