Kuwait parliament passes anti-money laundering, terror funding law
KUWAIT CITY - Kuwait's parliament on Tuesday overwhelmingly passed a bill to combat money laundering and funding of terror groups, stipulating jail terms of up to 20 years for violators.
Forty-five members, including all cabinet ministers present, voted for the bill while five MPs abstained. The law becomes effective after it is signed by the ruler of the oil-rich Gulf state.
The bill stipulates a jail term not exceeding 15 years for individuals convicted of funding terror organisations in addition to a fine of up to twice the sums used.
It also sets an imprisonment of up to 20 years for money laundering crimes if the violators are organised criminal or groups deemed terrorist and non-governmental organisations.
The legislation, which replaces an anti-money laundering law issued 12 years ago and described as ineffective, also dictates the confiscation of all funds involved in such crimes.