The Ministry of Commerce and Trade introduced that latest months have seen notable enhancements within the implementation of anti-money laundering (AML) and counter-terrorism financing (CTF) controls, in addition to within the general compliance tradition amongst sectors below its supervision.
In its sectoral danger evaluation report for cash laundering and terrorist financing — masking actions as much as the second quarter of 2025 — the Ministry mentioned it expects the classification of Kuwait’s authorized and regulatory framework to be upgraded from “substantial” to “sturdy”.
This improve is anticipated as soon as the complete results of ongoing reforms take maintain and digital data-sharing techniques with the Ministry of Justice and the Normal Administration of Customs turn out to be totally operational, stories Al-Rai each day.
In accordance with the report, the previous yr witnessed a major acceleration within the improvement of the brand new regulatory framework.
The Anti-Cash Laundering and Counter-Terrorism Financing Division was restructured to reinforce specialization and effectivity.
It has adopted risk-based inspection procedures, elevated on-site supervision assets, and launched strategic plans to make sure gradual however efficient implementation of the brand new method.
When it comes to sectoral compliance, the true property brokerage sector confirmed higher efficiency than the gold and valuable metals sector, following a latest licensing marketing campaign that eliminated unqualified and non-compliant operators.
Nevertheless, the report famous that participation in coaching and consciousness packages stays comparatively low throughout each sectors.
Enforcement knowledge revealed that about 40% of entities within the gold, valuable metals, and gems sector, and 20% of entities in the true property sector, confronted penalties similar to warnings or fines for AML/CTF-related violations.
The Ministry highlighted 5 key measures which have strengthened Kuwait’s struggle in opposition to cash laundering:
- Creating digital techniques, similar to the net actual property brokerage platform.
- Tightening licensing procedures, notably concerning verification of helpful possession.
- Enhancing interdepartmental cooperation inside the Ministry’s AML and sectoral divisions.
- Shutting down unlawful on-line platforms within the gold and jewellery sector.
- Conducting a complete license overview, ensuing within the delisting of inactive and unprofessional brokers.
The Ministry emphasised that these actions mirror Kuwait’s ongoing dedication to strengthening transparency, defending markets, and aligning its monetary oversight techniques with worldwide AML/CTF requirements.
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