Global anti-money laundering watchdog FATF on Tuesday said Kuwait had adequate legal and supervisory framework to address money laundering and terrorism financing, but added it had "serious shortcomings delivering effective outcomes".
In a press release on publication of its progress report, opens new tab on the country, the Paris-based watchdog cited failings in addressing terrorist financing.
"Banks and larger financial institutions have a good understanding of their risk and obligations, but supervisors for both the financial and non-financial sectors need to focus more on beneficial ownership," it said.
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