Kuwait penalizes companies for ‘money laundering’
Monday, 02 17 2020, Category: Insurance and Reinsurance, Country: Kuwait
The Ministry of Commerce and Industry announced yesterday that its department tasked with combating money laundering and terrorism funding issued last year up to 1,001 “precautionary measures” against offending companies that violated Law 106/2013.
The ministry said in a press release that the measures included addressing written warnings to 200 realty companies, 77 jewelry companies, 37 money exchangers and 13 insurance companies. It advised them to abide by the relevant laws.
The department for fighting money laundering completed its measures before the ministry department finalized permits’ paper work for 656 applications for establishing companies during the past year — including 483 realty companies, 151 jeweler trading firms, 13 insurance ones and nine money exchange companies.
Three realty companies and four money exchanges ones were suspended. It also recommended that 18 companies must stop operating — including six property, eight money exchangers and four jewelry companies.
Source: Kuwait Times