The conference on fighting money-laundering, being organized by the Ministry of Commerce and Industry, entered its fourth day on Wednesday.
As part of the five-day event, a specialized workshop debated the technical parameters of the legislation against administrative and financial corruption here this afternoon.
Two workshops will be held on Thursday with one discussing the formation of anti-money laundering taskforces and the second probing the role of taxes in combating financial crimes.
Then, Minister of Commerce and Industry Ahmad Rashed Al-Haroun, the sponsor of the event, will announce the recommendations of the conference.
In his inaugural speech to the conference on Sunday, Al-Haroun said his country was able to make remarkable headway in the fight against money laundering locally and regionally.
"The term of money-laundering started to feature prominently in the global economic debates and drew the attention of the legal and auditing bodies recently," the minister pointed out.
"This crime is considered one of the most serious economic crimes which risk undermining the economic and social stability of nations, Al-Haroun affirmed," citing recent international statistics.
"In the framework of her anti-money laundering efforts, the State of Kuwait has joined a Gulf anti-money laundering group, which is entrusted with laying down regulations and systems for combating the phenomenon," Al-Haroun stressed.
"Kuwait has also contributed to the creation of the Middle East and North Africa Financial Action Task Force in a bid to bolster and develop international criteria for combating the crime," he said.
The country has also set up a special unit for financial investigations within the framework of its anti-money laundering efforts.
In addition, Kuwait set up a national committee for fighting money laundering and financing for terrorism with a view to protecting the national economy against potential risks.
The ongoing conference, entitled "join us in fighting money-laundering," is part of the Ministry of Commerce and Industry to rein in such a serious phenomenon," the minister added. - Kuna