Main crackdown on lawlessness in Kuwait
Kuwait Metropolis: The Kuwaiti Ministry of Business and Commerce has launched a significant crackdown on companies violating anti-money laundering legal guidelines.
In response to particulars, the Anti-Cash Laundering and Terrorism Funding Division in Kuwait has tightened its grip on firms violating cash laundering and terrorist financing legal guidelines.
The Kuwaiti Ministry of Business and Commerce says firms that violate the legislation are topic to 65 precautions.
A press release issued by the ministry stated that written warnings have been issued to 30 firms dealing in immovable property, 10 firms dealing in jewelery and three firms within the insurance coverage sector.
The Anti-Cash Laundering Division has warned 10 firms concerned in immovable property, banking, jewelery and insurance coverage to do their job in accordance with the legislation. These firms have additionally been required to take particular measures.
The division has additionally suspended 9 firms for violating the principles and choices. As well as, the anti-money laundering division final month accomplished the method of establishing 38 new firms and up to date 86 licenses.