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Many jewelry shops blacklisted for money-wash, terror funding

This post has been read 12272 times!

KUWAIT CITY, July 8: Several jewelry shops have been blacklisted for money laundering and financing terrorism as inspectors from the Ministry of Commerce and Industry found big quantities of gold in their possession without any bill or data showing the source, reports Al-Rai daily quoting sources.

Sources said the ministry is now preparing to refer these jewelry shops which are located in Farwaniya Governorate, mostly in Jleeb Al-Shuyoukh, to the Anti- Money Laundering and Financing Terrorism Department. The daily did not mention the quantity of gold confiscated from these shops.

Meanwhile, earlier, Assistant Undersecretary for Technical Affairs and Commercial Development in the Ministry of Commerce and Industry Mohammad Al-Anzi has unveiled that the ministry issued warnings to more than 50 jewelry shops in Jleeb Al-Shuyouk, reports Al-Rai daily.

Speaking during the inspection of jewelry shops in the area, Al-Anzi said the violations include lack of scales and price lists, failure to follow sale regulations and selling some jewelry without the ministry’s seal. Al-Anzi advised the consumers to check the ministry’s seal and its validity every time they purchase jewelry, in addition to the price list and invoices.

He affirmed the ministry is always ready to receive complaints from consumers, clarifying that consumers have the right to present the jewelry pieces they purchased for validation at the Department of Precious Metals in Mubarakiya Market.

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