The Law against Commercial Concealment came at the right time, as it enhances transparency, supports the economic environment, and helps to utilize national talent in the proper place. Before the issuance of this law, the citizen holding the license was under the control of the expatriate who acted with absolute freedom over assets and banking transactions, while the citizen was content with receiving a small amount of money monthly or annually and bore all the legal risks through the ‘tadmin’. This situation was linked to procedures that burdened the citizen, especially when the license beneficiaries were granted a general power of attorney to act as they pleased.
Many of them smuggled money abroad and engaged in money laundering, which damaged the reputation of Kuwait in international forums. With the issuance of such law, these actions or crimes have become a thing of the past. Minister of Commerce and Industry Osama Boodai was right when he affirmed that the decree law protects the national economy and ensures that the benefits provided by the state reach those who deserve them, given its importance in strengthening national capabilities to manage projects without relying on others and exposing oneself to enormous risks. In many cases, citizens ended up behind bars, simply because they granted full authority to expatriates who exploited it to commit major financial crimes and then fled from Kuwait.
This law, along with other legislation, fosters a healthier economic environment and alleviates the burden of Kuwait regarding the observations of international institutions. This, in itself, expands the freedom of financial businesses. Yes, there are numerous observations regarding the overall performance of ministers about decisions that hinder the revitalization of the national economy. Nevertheless, this law offers many benefits for both the citizens and the state, because it grants more flexibility in dealings between citizens and those benefiting from the usufruct rights. In this regard, the courts issued several rulings on debt instruments issued through deception, fraud or exploitation of one’s need. Consequently, these debt tools were invalidated because they were not genuine debts.
The issuance of such court rulings and the enactment of the Law against Commercial Concealment are considered the cornerstone for modernizing the law that regulates debt obligations, such as bounced checks, imposed on debtors who are unable to pay. The improvement of the business environment, enhancement of transparency in transactions, prevention of fraud and deception, and closure of avenues for exploitation are crucial, especially since the relevant court rulings strengthened the 1980 Law, which necessitated updating. Thus, citizens have no excuse to refrain from running their businesses directly and will be solely responsible for their actions. As a result, there will be no opportunity for citizens to be involved in illegal acts committed without their knowledge
