‘Anti-money laundering’ policies update every 2 yrs
KUWAIT CITY, May 2, (KUNA): The Middle East and North Africa Financial Action Task Force (MENAFATF) approved Kuwait’s request of exiting the regular following up process and putting it on the updating list every two years, a Kuwait official announced Saturday.
“The approval came during MENAFATF’s 21st general assembly that was held in Muscat, Oman on April 26-30,” said Talal Al-Sayegh, Director of the Kuwait Anti-Money Laundering and Combating the Financing of Terrorism Unit in statements to KUNA.
He added that the decision came as a result of Kuwait’s efforts of fulfilling international obligations in terms of fighting money laundering, as well as meeting IMF standards in this regard.
Due to those efforts, Kuwait was also named co-chair of MENAFATF’s evaluation team, which oversees implementation of assessment procedures set by FATF (Financial Action Task Force), Al-Sayegh noted.
MENAFATF is a voluntary co-operative group, independent of any international body or organization, and is based in Bahrain.
The group aims to adopt and implement the Paris-based FATF’s 40 Recommendations on combating money laundering and financing of terrorism and proliferation, and to execute relevant UN treaties and agreements and UN Security Council resolutions.
Meanwhile, Secretary General of the Supreme Council for Planning and Development (SCPD) Hashim Al-Rifaai said that the SCPD officials have held a meeting with their counterparts at the United Nations Development Programme to mull the national planning programme and the UNDP’s support to the State of Kuwait in this regard.
In a press statement on Saturday, Al-Rifaai said that the document of the four-year programme, which will cost USD 50 million, was approved by the executive council in its meeting in Geneva last June.
He described the programme as a roadmap for the projects which Kuwait will execute in cooperation with the UNDP in the coming four years.
The programme has four main axis: the political, legislative, social, economic and environment frameworks required for achieving sustainable development; acceleration of human resources development; good governance and efficient management; and setting up of regional and international multi-party strategic partnerships. ‘Not anti-recruitment’: Minister of Justice, Awqaf and Islamic Affairs Yacoub Al-Sanei has clarified that he is not against the recruitment of expatriates in the ministry, provided they are qualified and they are not hired just for the sake of filling vacant posts, reports Al-Anba daily.
In a recent interview, Al-Sanei stressed the need to recruit expatriates based on actual manpower needs, asserting it is illogical to hire foreigners if there is a long queue of citizens waiting for jobs in the ministry. He explained the vacancies in the Ministry of Justice and Awqaf can be only occupied by citizens, indicating he made an exception for the recruitment of expatriates on for Holy Quran tutors and other jobs. Supervision move likely: Supervision of the Credit and Savings Bank will most likely be moved from the state minister for housing affairs to the minister of finance and its KD 3 billion capital base will be increased soon, reports AlSeyassah daily quoting sources.
Sources said these indicators surfaced after General Manager of the bank Salah Al-Mudhaf affirmed that the bank did not have any problem with social and housing loans and it is capable of realizing the objective to distribute 12,000 housing units every year. Sources disclosed the Financial and Economic Affairs Committee at the Council of Ministers has been reviewing the proposed solutions to challenges which the bank has been facing due to a decision to increase the housing loan from KD 70,000 to KD 100,000. He explained KD 30,000 of the loan is in the form of subsidy for construction materials, asserting the bank is trying to cover the need for funds through the Ministry of Finance. He added the bank is facing several challenges like the rising number of housing loan applications, especially since the government is contemplating on the distribution of 55,000 housing units within the next five years. Project 74 pct completion: The New Al-Razi Hospital project has reached 74 percent of completion but it is about 20 percent behind the schedule as it should have reached 95 percent as per the agreement with the contractor, reports AlShahed daily quoting sources.
Sources said the initial date of handing over the project is Sept 30, indicating the 12-storey hospital building is located on 32,000 square meters land and the implementation started in January 2013. Sources revealed the contract includes maintenance of old surgical theaters and increasing the number of rooms therein to 12 in a bid to reduce the waiting period. Sources also confirmed increasing the hospital’s bed capacity from 300 to 450.