Legal loopholes sealed as eye on many companies ‘violating’ laws

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KUWAIT CITY, Oct 26: The concerned regulatory authorities have launched extensive campaigns to inspect the transactions of a large number of companies, especially those dealing in real estate, gold, insurance, and currencies, reports Al-Nahar daily. In this regard, reliable sources explained that the ongoing inspection campaigns aim to clean the local market from any suspicions of possible money laundering operations.

Many legal loopholes have been sealed for those who attempt to circumvent the law. The businesses, transactions, exports and financial imports of hundreds of companies were subject to scrutiny to ensure the legality of their businesses in a manner that is in line with the law.

Any financial suspicion that rises to the level of an accusation is immediately referred to the concerned authorities to be subject to further review and scrutiny.

Dozens of online platforms that are used to carry out auctions and bear suspicions of operating money laundering activities have been blocked. This is because of the governmental efforts to protect public funds, combat corruption, and monitor money laundering operations which go all the way to uncovering those behind such operations besides arresting them, and shutting down those operations.

Earlier, the government affirmed the need to protect public funds, fight corruption and embody the rule of law. It stressed that it is also working to unify monitoring, and take serious practical steps to confront corruption that lead to shutting down of suspicious operations, preventing its causes, holding those responsible for corruption crimes accountable, and recovering public funds that have been plundered and stolen.

The government called for concerted efforts and cooperation of all parties, and to activate optimal coordination among the regulatory authorities, as well as respect the privacy and independence granted by the law for each of them.

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