Bridging the Gap: Understanding Money Laundering and Terrorist Financing Dynamics in the United Kingdom and Kuwait for Enhanced Regulatory Strategies
Purpose: This study aims to examine the different components and mechanisms surrounding money laundering and terrorist financing in the U.K. and Kuwait. Design/methodology/approach: The methodology will be based on data collected from interviewers in Kuwait. The research is followed by a research analysis that discusses the results obtained. Findings: Based on a literature review conducted over the analysis of rules and regulations for combating money laundering and financing terrorism, it can be argued that laws may affect other organizations. Hence, the governments of both countries, like the U.K. and Kuwait should first consider the implications and outcomes of the laws. Practical Implications: It is also inferred from the literature review that there are differences in the fines or punishments for offences like money laundering or terrorism financing. By adopting a comprehensive strategy that includes both regulated and non-regulated sectors of the country, it is possible to keep a watch over suspicious practices like transactions, gift-giving, bribery, corruption, and trafficking. However, there are different factors that should be taken into consideration, like economic, social, political and media realities. Originality/Value: The research is significant since it points out vital issues linked to money laundering and terrorism funding in these countries. The authorities can use this information since they can use it as a reference to the establishment of anti-money laundering and financing of terrorism in these countries.