KUWAIT CITY, March 5: The Ministry of Commerce and Industry announced that the Anti- Money Laundering and Terrorist Financing Department issued during February took 70 precautionary measures against violating companies found violating Law No 10/10/2013, reports Al-Rai daily.
The ministry said in a press statement that the measures included issuing written warnings to 10 real estate companies, 3 jewelry companies, and 3 exchange firms, in addition to issuing an order obligating 29 real estate companies, 6 jewelry companies and two exchange companies to follow specific procedures to comply with the law.
Sources explained the activities of two companies – one of them dealing in real estate and the jewelry – have been suspended. Sources stated the Anti-Money Laundering and Terrorist Financing Department had completed its procedures before the specialized departments in the ministry and adopted licensing procedures for 104 requests during the same month, including 85 real estate companies, 14 jewelry companies, 3 insurance companies and two money exchange companies. The ministry also updated 87 licenses of 64 real estate and exchange companies, 12 jewelry companies, 10 insurance companies.