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KUWAIT CITY, March 18: The Capital Markets Authority succeeded in raising the file of financial fraud to the GCC countries, where the Chairman of the Board of Commissioners, the Executive Director of the Authority, took advantage of the opportunity of the meeting of the heads of the bodies and their equivalents in the GCC countries, to add a proposal in this direction, so that the confrontation would be collective. Concerned sources told Al-Jarida that the Authority’s proposal was welcomed and approved of adding the clause, stressing that the approval came out of conviction, especially since this file represents a loophole for the financial body in the countries of the region, threatens confidence and spreads chaos.
The sources also stated that this file will receive great attention and widespread coordination between the Gulf markets’ authorities, especially as it shakes confidence in the Gulf markets, and represents a factor of expulsion and threat to foreign investors, whether individuals or institutions, especially since trust, stability and the power of deterrent laws for fraudsters and trespassers on the rights of others are the basic pillars of any financial market.
The sources added that the region’s markets have great ingredients to achieve more promotions and successes and to receive more long-term foreign funds, especially after they have reached competitive stages of organization, coordination and promotion on global indicators. It is noteworthy that the CMA has great and extensive experience in such a file, and it has studies and a large database of information and data through the processes of study, evaluation and wide access, as well as careful followup, continuous training operations and workshops, and its use of the latest technology methods.
According to the sources, the authority applies a rule and principle that it was established to protect the rights of all investors, individuals and companies, citizens or foreigners, indicating that it is of great fl exibility confirming that its doors are open to all to ensure that the investment promoter obtains the required license so that the investor can be assured that his money is in the right place. It is expected that there will be an educational guide that presents all the methods and loopholes through which the fraudsters implement, as the awareness weapon will be strengthened and the financial culture and awareness that will make the investor aware of his most basic rights, for example, to obtain a copy of the investment contract, and to be aware of the rights and duties that will ensue