Kuwait drafts new anti-money laundering law to close legal loopholes

Kuwait’s First Deputy Prime Minister and Minister of Interior Fahad Al-Yousef said the government is working to finalize a new anti-money laundering law.

Al-Yousef added that the new legislation will include amendments and stricter provisions to address money laundering, aiming to close legal loopholes and ensure those involved are held accountable, according to Al-Qabas newspaper.

He stated that anyone suspected of rapidly and unjustifiably inflating their bank accounts will be summoned, and that no violator will escape punishment. Al-Yousef noted that the Ministry of Interior’s relevant departments continue to monitor and remain vigilant in identifying anyone suspected of involvement in money laundering through fictitious business activities.

He emphasized that monitoring efforts are ongoing as part of a comprehensive security plan, with all legal measures being taken against those suspected of money laundering or illicit gains. Al-Yousef stressed that the issue of money laundering and the unexplained growth of some bank accounts remains open and will not be closed.