18/09/2024
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18/09/2024
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KUWAIT CITY, Sep 18: The Minister of Commerce and Industry, Khalifa Al-Ajeel, has issued a decision banning all-cash sales of vehicles, effective October 1, 2024. From this date, vehicle transactions must be conducted exclusively through banking channels.
According to an announcement on the Ministry of Commerce’s official account on (X), this decision is part of the government's ongoing efforts to combat money laundering. The ministry emphasized that eliminating cash transactions in vehicle sales will significantly help in reducing financial crimes and closing loopholes associated with money laundering. Restricting payments to banking channels will allow authorities to trace the movement of funds, verify their sources, and ensure that transactions are legal.
The new regulation mandates that vehicle sales must not involve cash and that all payments be made through banks. If the decision is violated, regulatory authorities are authorized to impose penalties as per applicable laws.
The Ministry of Commerce reiterated its commitment to fighting financial crimes, including money laundering, which pose a threat to economic growth and damage the country’s international reputation. It called for collective efforts to tackle these harmful practices.
