Saturday, January 16, 2021

Kuwait tightens measures to fight money laundering

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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.

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.

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