KUWAIT CITY, Jan 21:  Kuwait is committed to developing laws aimed at criminalizing the financing of terrorism in order to implement key United Nations Security Council (UNSC) resolutions. This is part of the country's broader efforts to exit the enhanced follow-up phase of the Financial Action Task Force (FATF) evaluation process, according to Kuwaiti Assistant Foreign Minister for Development and International Cooperation, Ambassador Hamad Al-Mashaan.

Ambassador Al-Mashaan made these remarks during a workshop organized by the Ministry of Foreign Affairs, titled "Targeted Financial Sanctions, Asset Recovery, and Mutual Legal Assistance." The event was conducted in collaboration with the International Institute for Justice and the Rule of Law, with the Institute's Director, Reinhard Oehrig, also in attendance. The workshop, held on Tuesday, was designed to train and equip individuals involved in efforts to combat terrorism and its financing.

In his speech, Ambassador Al-Mashaan emphasized Kuwait's commitment to meeting international obligations outlined in UNSC resolutions issued under Chapter VII, which include measures aimed at countering the financing of terrorism. He highlighted the importance of taking proactive steps to prevent terrorist organizations from exploiting the financial system. He also underscored the necessity of developing the country’s human resources and enhancing the capacity of relevant institutions in order to effectively combat terrorism financing.

The workshop is part of Kuwait's broader strategy to meet the FATF's evaluation criteria. It specifically focused on the results and conclusions of the FATF's assessment of Kuwait, as well as that of the Middle East and North Africa Financial Action Task Force (MENAFATF), which was published in October 2024. The evaluation report included recommendations on improving Kuwait’s legal and regulatory frameworks for combating money laundering and terrorist financing.

A key aspect of the workshop was a session led by Jens Cofield Andreasen, a Senior Practitioner from the International Institute for Justice and the Rule of Law, focused on "Targeted Financial Sanctions." This session explored the importance of developing and implementing laws to criminalize the financing of terrorism, particularly in relation to the FATF's Recommendations 6 and 7. These recommendations emphasize the need for robust measures to prevent and criminalize terrorism financing and for states to adhere to the key resolutions of the UNSC on financial sanctions against terrorism.

A second session of the workshop covered asset recovery, freezing, confiscation, and mutual legal assistance, in line with FATF Recommendation 4. This session aimed to provide participants with a deeper understanding of how to identify, freeze, and confiscate assets linked to terrorist activities, including emerging forms of assets such as virtual and electronic assets. The session also emphasized the importance of mutual legal assistance to facilitate international cooperation in tracking and recovering these assets across borders.

The FATF, which serves as the global watchdog for money laundering and terrorist financing, sets international standards to combat these illicit activities and prevent the harm they cause to societies worldwide. Through its evaluation processes and recommendations, the FATF encourages countries to strengthen their legal frameworks and regulatory measures to address financial crimes effectively.

The workshop also serves as an important platform for Kuwait to continue building its capacity to address global financial challenges, and the country's participation in such initiatives demonstrates its commitment to international cooperation in combating terrorism financing and related crimes.