Kuwait News Agency (KUNA) - 06/03/2006
AMF organized a work session on means to counter money-laundering and terrorism financing.
AMF Chairman and Director-General Dr. Jassem Al-Mannae, in an inaugural speech, said the session will cover global legislation governing money laundering and financing terrorism, tracking economic non-financial transactions relevant to real-estate and jewelry, as well as regulating professions related to accounting and legal practice.
He said due to their influence on financial and economic stability, as well as on a country's reputation, money-laundering and financial sources of terrorism should receive proper attention in terms of strategies.
Explaining that money laundering means hiding the source of the money that was obtained through illegal means, he noted that financial sources of terrorism are not necessarily from illegal business activities.
The session is organized in collaboration with the International Monetary Fund (IMF).
Established in 1976, AMF is a regional Arab financial institution aiming at integrating Arab economies, development of Arab Capital Markets and unification of Arab currencies.
