Crackdown on Money Laundering: Severe Measures to Be Implemented

Kuwait City: Severe actions will be taken against money laundering and terrorism financing. The Kuwaiti Central Bank has issued directives for strict enforcement following concerns over suspicious transactions and failure to report them.

In a recent report by the regional media Al Rai, it was noted that the measures will involve stringent controls on vehicles and electronic devices valued at over 1,500 dinars, which will be monitored through banks. This means that transactions involving such high-value items will now be scrutinized more rigorously to prevent misuse.

The Ministry of Commerce and the Kuwaiti Central Bank are currently engaged in discussions regarding these new controls. The introduction of additional regulatory measures and periodic checks are expected, with a focus on ensuring compliance and tracing any irregularities in financial transactions.