Measures taken against multiple violating firms

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KUWAIT CITY, Jan 7: The Ministry of Commerce and Industry said the Anti-Money Laundering and Terrorist Financing Department has issued last December 128 precautionary measures related to companies that violate the provisions of the law (07/10/2013), reports Al-Seyassah daily.

The ministry added in a press statement the measures include issuing written warnings to 14 real estate companies, nine jewelry companies, an insurance firm, and an exchange company, in addition to issuing an order requiring 49 real estate companies, 23 jewelry shops and two exchange companies to follow specific procedures to comply with the law.

The ministry stated the Anti-Money Laundering and Terrorist Financing Department had completed its procedures before the ministry’s specialized departments took licensing procedures for 22 founding requests during the same month, including 19 real estate companies and three insurance companies.

The ministry explained that the suspension of the activity of three exchange companies has been approved, and has requested the suspension of the activity of 12 companies, one of them real estate, seven exchange companies, and four jewelry companies

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