Accounts Should Be Closely Monitored By Banks

19 August 2022 Crime News

The local banks plan to regulate the business activities that may be exploited by individuals through commercial activities, with the aim of keeping track of the clients' accounts, which are receiving funds from multiple sources continuously and increasing in exchange for providing commercial services and products, as reported by Al-Rai daily, which puts them under suspicion. Informed sources told the daily that the concerned authorities have also taken vigorous steps to develop a legal framework that regulates the activities of social media influencers. The Investigation Unit has made an increase in referrals to the Public Prosecution over the past four years, resulting in the filing of cases against individuals for not having a law or regulation to regulate these new activities.

The sources pointed out that the government measures taken by His Highness the Prime Minister Sheikh Ahmed Al-Nawaf to carry out reforms based on the launch of a package of decisions and organizational instructions to reduce financial abuses are moving in multiple directions at the same time.

There are a number of important files that have been pending resolution for a long time, including negative phenomena and wholesale practices, which have been addressed by these measures, which were initiated by state ministries such as Commerce and Industry, Social Affairs, Justice, Interior, Finance, etc. In addition, one of the most important contributing measures is to close doors that are likely to be used for money laundering, terrorist financing, and other suspicious activities.

Activities
The government, through its various agencies, has developed a series of strict measures for cash transactions through commercial and other operations, according to sources. The most recent of which was the announcement by the Ministry of Commerce and Industry regarding the ban on cash sales in exhibitions whose intensive activity will begin soon which is characterized by exceptional sales and a wide presence, as these exhibitions for perfumes, gold, jewelry, watches, and school supplies are usually crowded with visitors when held at the Fairgrounds and other specialized sites in the country.

The decision was not the only one from the Ministry of Commerce, but was preceded by a long list of measures and procedures. The sources explained that the steps taken by the government in this respect come to legalize cash payment operations, and prove payment mechanisms in specific forms such as bank transfer and certified checks with a specific purpose and through Point of Sale devices, as a condition for passing and completing transactions related to real estate registration, transfer of ownership of vehicles and yachts, and sales of durable and valuable goods such as cars, watches, jewelry, etc., in order to achieve a set of goals, including drying up any potential outlets that can be exploited in money laundering operations.

The sources indicated that these measures are part of a larger plan launched by the government last year as part of its preparation for the joint periodic evaluation process of the State of Kuwait regarding its fulfillment of international requirements and assessment of the capacity of its organs and the effectiveness of its legislation and legal and judicial systems in reducing cross-border financial crimes known as money laundering and terrorist financing, in cooperation with the international body Financial Action Task Force (FATF).

FAFT is tasked with setting standards and promoting effective implementation of legal, regulatory, and operational measures to combat money laundering, terrorist financing, proliferation of funds, and other threats to the integrity of global financial systems, according to the sources. Kuwait took serious steps last year to maintain them and ensure they did not appear on watch lists, as observers observed last year. Kuwait is on the verge of an important stage in relation to the global outlook towards it, according to the sources, since the FATF is expected to release its report on Kuwait after the joint assessments at the end of this year and possibly next, taking into account the steps taken by the government to prepare for the FATF evaluation at the national level.

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