Tuesday, April 20, 2021

Kuwait tightens measures to fight money laundering


Kuwait’s ministry of commerce and industry announced on Monday new measures to fight money laundering.

According to a ministry decree, insurance companies, brokers and institutions engaged in real estate, gold and money exchange will have to appoint a Kuwaiti observer to investigate claims about money laundering.

The ministry has recently suspended companies engaged in trade, real estate and exhibitions for their suspected non-transparent money transfers.

- Advertisement -

Months of close surveillance by regulators revealed that no specific entities for investment or trade purposes were identified concerning the received funds.

In 2013, the Kuwaiti National Assembly approved a law to combat money laundering and terrorist financing under which the Kuwait Financial Investigation Unit was established.

- Advertisement -
- Advertisement -


Get our daily notification on the latest financial crimes news around the World


- Affiliate Products -


This Week

Enable Notifications    OK No thanks