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Thursday , January 21 2021

91 preventive steps taken against money-laundering

KUWAIT CITY, Aug 18: Ministry of Trade and Industry reported that its Anti-Money Laundering and Terrorism Financing Department issued 91 preventive measures last July against the violating companies subject to the provisions of Law No. (106) of 2013. In a statement, the Ministry affirmed the measures included sending written warnings to 16 real estate companies and warning to an insurance company and 10 jewelry companies, noting it had suspended the activities of two real estate companies and a jewelry company, and dealt with Civil ID numbers of three real estate companies and two other jewelry companies.

Statement explained the measures also included an order to oblige 38 real estate companies, a money exchange company, two insurance companies, and 11 jewelry companies to follow specific procedures and comply with the law to avoid violations , reports Al-Rai daily. It stated the Anti-Money Laundering and Terrorism Financing Department completed necessary procedures before taking relevant measures, and accomplished licensing procedures for about 118 corporate applications in the same month. It included 84 real estate companies, 5 exchange companies, 15 jewelry companies and 14 insurance companies. It pointed out that the department has updated the data of 58 licenses, distributed among 57 real estate companies and jewelry companies.

The ministry clarified that the Anti-Money Laundering Authority had approved the appointment and promotion of six compliance officers in two real estate companies and 4 for jewelry. It also conducted field audits for 17 companies, one for real estate, 12 for money exchange, and 4 for jewelry.

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