Tuesday, October 27, 2020

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.

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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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