Bibliographic details and abstracts are available to all. Downloads of full-text dissertations are restricted to University of Portsmouth members who must login. MPhils may be accessed by all.

Abstract

Money laundering and terrorist financing have recently seen an increase as issues of concern, especially given these financial crimes compromise the economy. Britain and Kuwait are major economies, as denoted by their individual GDP; Kuwait specifically is a petroleum-based economy. This study examined several different anti-money laundering and terrorist financing approaches. The UK has a legal approach to money laundering and terrorist financing, and it is argued that Kuwait could benefit from lessons learned in the UK. Kuwait and the UK undertake legal approaches to anti-money laundering and terrorist financing, however, the UK has a more articulate plan for mitigating money laundering. Legislation is important, as individual countries also undertake punitive measures for individuals found guilty of the above mentioned crimes. The vote that relinquished the UK’s position as a member of the European Union meant that Britain gained full autonomy to decide whether to implement the EU’s anti-money laundering directives or not. However, sales agreements could necessitate the UK adopting these directives as it deems fit. There is notable reluctance in Kuwait regarding the implementation of AML directives. Despite being a member of the FATF, Kuwait does not fully practice the listed recommendations and has not improved in areas of concern, as flagged by the task force. Kuwait thus arguable can learn from the UK in this regard. Firstly, strict adherence to the FATF recommendations is important, along with denouncing terrorism and streamlining the Islamic financial systems. As a GCC country, Kuwait should focus on improving its AML/CTF stance in a bid to improve its strategic position in the Middle East. The present study employs exploratory research design, which ensured adequate comprehension of the study topic and the collection of adequate information to derive meaning, despite the prevailing time and financial constraints. The research method in question was comparative analysis, which ensured substantial understanding was gained through the causal mechanism translating to the event occurrence.

Course: Criminology and Forensic Studies - BSc (Hons) - C2039F

Date Deposited: 2023-05-03

URI/permalink: https://library.port.ac.uk/dissert/dis14118.html