On February 17 2020, the Ministry of Commerce and Industry of Kuwait released measures against companies who have violated the money laundering and terrorist financing, a task that was issued last year. The Ministry made this known in a press release that it has issued 1,001 precautionary measures against these companies including written warnings to 200 realty companies, 77 jewelry companies, 37 money exchanging companies and 13 insurance companies. These companies have violated the 106/2013 Law and have been warned to abide by the relevant rules. Also, in line with the measures, 7 companies were suspended and 18 were ordered to stop operations.
Just immediately after the ministry concluded the measures, the department for fighting money laundering and terrorism financing completed work on 656 applications to establish companies during past year.
