Precautionary Procedures Issued Against 44 Firms For Violating Law No 106-13 In Oct

13 November 2018 Kuwait

Ministry of Commerce and Industry said in a press release that the Department for Fighting Money Laundering and Terrorism Financing had issued precautionary procedures against 44 companies that violated Law No. 106/2013 in the month of October, reports Al-Rai daily.

It explained that these procedures include issuance of written warnings to four real estate companies, two money exchange companies and two jewelry companies.

In addition, 18 real estate companies and a jewelry company were obligated to carry out certain procedures in order to comply with the law.

The department also requested the approval for closing down 14 real estate companies and one jewelry company.

It completed all the procedures prior to the launch of procedures by other departments for issuance of licenses to 46 real estate companies, two money exchange companies and nine jewelry companies.

The department renewed 112 licenses of 82 real estate companies, three money exchange companies, 24 jewelry companies and three insurance companies.

It also approved the appointment of 78 inspectors for 66 real estate companies, ten jewelry companies and two insurance companies

 

SOURCE : ARABTIMES

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