9/1/2020 KUNA : Kuwait anti money laundering department penalizes offending companies - Economics - 16/02/2020

01 September 2020 11:58

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Kuwait anti money laundering department penalizes offending

companies
16/02/2020 LOC14:07
11:07 GMT

KUWAIT, Feb 16 (KUNA) -- The Ministry of Commerce and industry announced on Sunday
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. (end) ad.rk

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