Kuwait’s ‘Anti-Money Laundering’ Department Issues Preventive Measures Against 56 Violating Companies

Gulf

November 5th, 10:41am

Kuwait- Asharq Al-Awsat

Kuwait’s ‘Anti-Money Laundering’ Department Issues Preventive Measures Against 56 Violating Companies

The Kuwaiti Anti-Money Laundering and Terrorism Financing Department, which falls under the Ministry of Commerce and Industry, issued 56 preventive measures against violating companies in October. In a press statement on Wednesday, the ministry explained that these measures included sending written warnings to 20 real estate companies, a notice to a money exchange company, two others to two insurance companies, and 17 to jewelry companies. They also included issuing orders for three jewelry companies to follow specific procedures to comply with the law and avoid violations. The Department has completed the licensing procedures for 34 establishment applications during the same month, including 27 real estate companies and seven jewelry companies, the statement added. It also updated the data of 85 licenses, 60 of which are for real estate companies, two for exchange companies, 21 jewelry companies, and two insurance companies. Meanwhile, Head of Kuwait’s Anti-Corruption Authority (Nazaha) Abdulaziz al-Ibrahim has affirmed the support for all efforts made to enhance integrity and combat corruption at the level of the Gulf Cooperation Council (GCC) states. His remarks were made in a video-conference on Tuesday during the sixth meeting of the bodies responsible for protecting integrity and combating corruption in GCC. Several articles in the field of combating corruption were discussed, topped by enacting the guiding law to protect GCC public funds.

from Asharq AL-awsat https://english.aawsat.com/home/article/2607251/kuwait%E2%80%99s-%E2%80%98anti-money-laundering%E2%80%99-department-issues-preventive-measures-against