KUWAIT: Minister of Commerce and Industry Dr Yousef Al-Ali (center) attends the signing ceremony. — Photo by Fouad Al-Shaikh

KUWAIT: Minister of Commerce and Industry Dr Yousef Al-Ali yesterday affirmed significance of the memorandum of understanding worked out by the ministry with the national financial inspection department for combating money laundering and terrorism-financing.

This accord aims at exchanging information and secret data "and placing them within legal frameworks," said the minister on sidelines of signing the MoU with the head of the financial inspection unit and the chairman of the national commission for combating money-laundering and financing-terrorism, Talal Al-Sayegh.

It is complies with relevant international agreements and those of the United Nations, Minister Al-Ali added, indicating that the MoU "lays the groundwork for the cooperation and information swap" between the two departments.

Meanwhile, Sayegh said the MoU conforms with the national strategy for boosting "the combat against these phenomena." The financial inspection division was set up in 2013 to collect and process information about suspected money laundering operations. - KUNA