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FinancialNews


  • 14-05-19

    Kuwait to step up money laundering procedures in companies

    (MENAFN) Kuwait's ministry of commerce and industry declared on Monday new procedures to combat money laundering.

    A ministry decree revealed that insurance companies, brokers and institutions involved in real estate, gold and money exchange will have to hire a Kuwaiti observer to probe allegations about money laundering.

    The ministry has recently halted companies linked to trade, real estate and exhibitions for their suspected non-transparent money transfers.

    Months of close observation by regulators showed that no explicit entities for investment or trade targets were determined regarding the received funds.

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