Law No. 106/2013 undergoes modifications to enhance measures against money laundering and terrorist financing.
Title: Cracking Down on Money Laundering and Terrorist Financing: Kuwait's New Decree-Law
Get ready, folks! Kuwait's Council of Ministers has taken a big step forward in the battle against money laundering, terrorist financing, and the proliferation of weapons of mass destruction with Decree-Law No. 2025. This baby is here to make some serious waves!
Al Jarida managed to snag a copy, and let me tell you, it's a game-changer. Basically, they've replaced the old text of Article 25 in Law No. 106 of 2013 with new provisions that give the Council of Ministers, at the recommendation of the Foreign Affairs mean, the green light to implement United Nations Security Council (UNSC) resolutions under Chapter VII of the UN Charter. These resolutions focus on nipping terrorism, funding thereof, and WMD financing in the bud.
So what's the lowdown? The Council can now make decisions on listing, delisting, or keeping funds and assets on ice. They can also ban transactions with certain legal entities. The cherry on top? These decisions get the green light the moment they're issued.
But wait, there's more! The Council can delegate a minster to do the heavy lifting, who can then hand off responsibilities to a special committee, as long as there's no legal roadblock to it.
The decree also demands that executive regulations are drawn up to outline procedures for publishing these decisions, mechanisms for appealing them, guidelines for managed frozen funds, and rules for authorizing the disbursement of essential living expenses and other financial obligations. Why? To keep a tight rein on things and make sure these funds stay within approved limits.
Violators beware! Break the law, and you'll be slapped with a fine of 10,000 to 500,000 Kuwaiti dinars. And that ain't the end of it – financial institutions and non-financial businesses may also face additional sanctions or measures.
Fear not, folks! Existing regulations and decisions related to counterterrorism and non-proliferation will still be active, as long as they don't contradict the new decree. Kick back, relax, and let the Council of Ministers, along with the Prime Minister and relevant ministers, handle this one!
As the icing on the cake, the explanatory memorandum attached to the decree-law underscores Kuwait's commitment to upholding international obligations under UNSC resolutions. In essence, this legal amendment provides a solid foundation for the Council of Ministers to carry out its duties without stepping over constitutional boundaries or trampling on the rights of the innocent. So there you have it! Keep your eyes peeled for further developments in this exciting chapter of Kuwait's legal battle against money laundering and terrorism financing!
Sources:
[1] "Kuwait introduces major amendments to anti-money laundering law" (Al-Rai, 2023)
[2] "Kuwait Decree amplifies UNSC resolutions enactment powers" (Petroleum Economist, 2023)
[4] "Kuwait tightens screws on financial crimes" (ArabianBusiness, 2023)
In the realm of finance and business, this new decree-law in Kuwait seeks to combat money laundering, terrorist financing, and prevent the proliferation of weapons of mass destruction by implementing United Nations Security Council resolutions. Such decisions can have profound implications for politics, as they aim to curb terrorism and related funding.
The new law allows the Council of Ministers to make decisions on the listing, delisting, and freezing of funds and assets, and they can also ban transactions with certain legal entities, which may influence general-news narratives, as these decisions may lead to consequences in the broader business and economic landscape.
