Kuwait – Anti-money laundering in insurance
Monday, 04 23 2018, Category: Insurance and Reinsurance, Country: Kuwait
Informed sources revealed to “Al Rai” that the department of Anti-Money Laundering and Combating the Financing of Terrorism asked the Ministry of Commerce and Industry to suspend all companies and organizations whose founders or managers are listed in the terrorism and money laundering list. The ministry has to notify the department about these persons, their shareholding and their relation to the company and other investments.
Moreover, the department held a meeting lately with the ministry of commerce on the necessity of implementing a memo issued in 2016, which prevents the renewal of the license of any company whose owners or managers are black-listed.
Source: Al Rai