LISBON: Kuwait’s Ambassador to Portugal Hamad Al-Hazeem met with senior Portuguese economic figures to discuss preparations for Kuwait’s hosting of the 9th GCC-EU Business Forum, scheduled for November. Speaking to KUNA on Friday, Ambassador Al-Hazeem said he held talks with Armindo Monteiro, President of the Portuguese Business Confederation (CPB), during a meeting at the federation’s headquarters in Lisbon. The ambassador said the meeting reviewed a formal letter sent by the Kuwaiti Embassy inviting the Portuguese Business Confederation to participate in the upcoming forum, stressing the importance of the event and encouraging member companies and factories to actively engage.

Al-Hazeem emphasized that the 9th GCC-EU Business Forum will provide a significant opportunity to boost trade and investment cooperation between the Gulf Cooperation Council and the European Union. He also underlined the importance of further strengthening Kuwait–Portugal economic ties through increased trade visits and private-sector engagement, noting Kuwait’s growing commercial activity and private investment presence in the Portuguese market.

For his part, Monteiro welcomed Kuwait’s initiative to host the forum, describing it as a strategic platform to expand economic and trade cooperation between the GCC and the EU. He added that enhancing bilateral economic relations between Portugal and Kuwait would create new opportunities for Portuguese companies and deepen cooperation in sectors of mutual interest.

Monteiro explained that the Portuguese Business Confederation, established in 1974, is the country’s largest and most influential business federation, representing more than 150,000 companies and about 1.8 million workers — equivalent to 71 percent of Portugal’s GDP. He noted that the confederation, which is multi-sectoral and active nationwide, is the only Portuguese body participating in the European Social Dialogue and representing Portugal in leading international business federations. The GCC-EU Business Forum serves as a key platform for exchanging expertise, exploring trade and investment partnerships, and highlighting non-oil growth opportunities in the Gulf states in cooperation with European partners. — KUNA

 BERLIN: Ambassador of the State of Kuwait to the Federal Republic of Germany Reem Al-Khaled presented her credentials as the ambassador, extraordinary and plenipotentiary of the State of Kuwait to the Republic of Latvia to President Edgars Rinkevics at a ceremony held on Friday at the Presidential Palace in the capital, Riga.

In a statement, Ambassador Al-Khaled told KUNA that she had conveyed to President Rinkevics the greetings of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and His Highness the Crown Prince, Sheikh Sabah Khaled Al-Hamad Al-Sabah and their wishes for the Republic of Latvia and its friendly people for continued progress and prosperity.

The meeting addressed the distinguished bilateral relations between the two friendly countries and ways to strengthen them as well as a number of regional and international issues of mutual interest, she pointed out.

The Kuwaiti envoy expressed her aspiration to build an effective strategic partnership between the two friendly countries in the coming period through enhancing channels of political, economic, and cultural cooperation and exploring new venues for serving mutual interests and consolidating bilateral relations. — KUNA

 KUWAIT:  The State of Kuwait continues its steady efforts against money laundering, bolstering measures in this domain cooperation with regional and international partners. Such efforts coincide with the State of Kuwait’s plans to become a regional anti-money laundering and terror financing center. The judicial system saw a qualitative leap with the introduction of Decree No. 76/2025, amending some items within law No. 106/2013 concerning money laundering and combating terrorism financing.

The amendments enabled the Kuwaiti cabinet to enact decisions, which abide by international rules and regulations in this domain. The law included decisions to list and freeze assets and finances as well as bar dealings with suspicious individuals.

To reinforce cabinet decisions on the matter, the laws issued would be enacted on the date of issuance, including penal verdicts and fines ranging from KD 10,000 to KD 500,000 for each violation. The articles of the law took measures to execute UNSC resolutions on the matter within a legal framework balancing international obligations and constitutional duties, which gave individuals rights to submit formal grievance, view records, and asking for permission to cover necessary expenses.

This legislative step is part of the National Committee to Combat Money laundering and Terrorism Financing, which is assigned by the cabinet to reinforce cooperation with other state institutions to achieve international standards and boost Kuwait’s reputation in this field.

The committee comprises of several institutions and ministries including the Kuwait Financial Intelligence Unit (KwFIU), the Central Bank of Kuwait (CBK), the Ministry of Commerce and Industry to name a few.Last July, the two MoUs were signed by state entities to reinforce cooperation within combating money laundering and terrorism financing.

The MoU signed between the Kuwait customs and Interior Ministry boosted cooperation in combating financial crimes in line with Financial Action Task Force (FATF), a policy-making body that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

The other MoU, signed between the Capital Markets Authority (CMA) and the Kuwait Financial Intelligence Unit (KwFIU), ensured the exchange of information between the two sides within the field.

Meanwhile, the Ministry of Commerce and Industry prepared a guide to counter money laundering and terror financing in the gold, valuable minerals and gemstones sector in 2025. The guide set the parameters for trade in such sector and included measures warning against trading online and recommending traditional means for payment in addition to other preventative steps.

On another level, the CBK approved an updated methodology on penal action and also the Central Bank notified banks to use the KwFIU guideline to report any suspicious transactions.In addition to internal efforts, Kuwait hosted a workshop to prepare the unified GCC anti-money laundering strategy, which concluded its meetings on September 11.

A report issued by FATF last October said that the State of Kuwait has the required main framework to combat money laundering and terrorism financing through the country’s stable political, institutional, and governmental sectors. The report affirmed that Kuwait has boosted its legal capabilities and penal action to prevent such crimes from occurring. — KUNA