Kuwait faces FATF scrutiny over money laundering controls

Kuwait is under scrutiny amid concern that it’s being used by money launderers and terrorist organizations.

The Paris-based Financial Action Task Force issued a progress report today that both praised and scolded the Gulf state’s financial apparatus.

While Kuwait has adequate legal and supervisory framework to address money laundering and terrorism financing, it also has “serious shortcomings delivering effective outcomes,” the FATF said.

The UAE was removed from the group’s “gray list” in February after taking broad steps to crack down on money laundering.