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Kuwait’s ‘Anti-Money Laundering’ Department Issues Preventive Measures Against 56 Violating Companies

Kuwait’s ‘Anti-Money Laundering’ Department Issues Preventive Measures Against 56 Violating Companies
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Kuwait’s ‘Anti-Money Laundering’ Department Issues Preventive Measures Against 56 Violating Companies

Kuwait’s ‘Anti-Money Laundering’ Department Issues Preventive Measures Against 56 Violating Companies

The Kuwaiti Anti-Money Laundering and Terrorism Financing Department, which falls under the Ministry of Commerce and Industry, issued 56 preventive measures against violating companies in October.

In a press statement on Wednesday, the ministry explained that these measures included sending written warnings to 20 real estate companies, a notice to a money exchange company, two others to two insurance companies, and 17 to jewelry companies.

They also included issuing orders for three jewelry companies to follow specific procedures to comply with the law and avoid violations.

The Department has completed the licensing procedures for 34 establishment applications during the same month, including 27 real estate companies and seven jewelry companies, the statement added.

It also updated the data of 85 licenses, 60 of which are for real estate companies, two for exchange companies, 21 jewelry companies, and two insurance companies.

Meanwhile, Head of Kuwait’s Anti-Corruption Authority (Nazaha) Abdulaziz al-Ibrahim has affirmed the support for all efforts made to enhance integrity and combat corruption at the level of the Gulf Cooperation Council (GCC) states.

His remarks were made in a video-conference on Tuesday during the sixth meeting of the bodies responsible for protecting integrity and combating corruption in GCC.

Several articles in the field of combating corruption were discussed, topped by enacting the guiding law to protect GCC public funds.

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Egyptian Government Approves Formation of Higher Coordination Council with Saudi Arabia

The formation of the Higher Coordination Council reflects the level of partnership between Saudi Arabia and Egypt. (Asharq Al-Awsat)
The formation of the Higher Coordination Council reflects the level of partnership between Saudi Arabia and Egypt. (Asharq Al-Awsat)
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Egyptian Government Approves Formation of Higher Coordination Council with Saudi Arabia

The formation of the Higher Coordination Council reflects the level of partnership between Saudi Arabia and Egypt. (Asharq Al-Awsat)
The formation of the Higher Coordination Council reflects the level of partnership between Saudi Arabia and Egypt. (Asharq Al-Awsat)

In an effort to strengthen the partnership between Egypt and Saudi Arabia, the Egyptian government approved on Wednesday the establishment of a higher joint coordination council.

On September 10, 2024, Egyptian Foreign Minister Badr Abdel-Aty held a joint news conference with his Saudi counterpart, Prince Faisal bin Farhan, during which he announced that the two countries were in the final stages of launching the Egyptian-Saudi Higher Coordination Council, chaired by President Abdel Fattah El-Sisi and Saudi Crown Prince Mohammed bin Salman.

He emphasized that the council would serve as a comprehensive framework for deepening bilateral relations and fostering collaboration in politics, economics, trade, development, and investment, aligning with the interests of both nations’ peoples.

In its Wednesday session, Egypt’s Cabinet approved the decision to establish the council. According to a government statement, the body will seek to “intensify communication and enhance cooperation between Egypt and Saudi Arabia in areas of mutual interest.”

The council, as outlined by the statement, will include ministers and officials from both countries covering relevant sectors. It will convene regular meetings alternately in Egypt and Saudi Arabia, with provisions for extraordinary meetings as needed.

In remarks to Asharq Al-Awsat, Ayman Mohseb, deputy chairman of the Arab Affairs Committee in Egypt’s House of Representatives, said that the move reflects the advanced level of partnership between the two nations, describing the council as a “cornerstone for activating relations and expanding cooperation in various fields.”

“This step will significantly advance cooperation across diverse domains, driven by the political will of the two countries’ leaderships,” Mohsab said, adding that the new body would facilitate coordination between Cairo and Riyadh on a wide range of regional issues and areas of mutual interest.

During a meeting with Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan on Tuesday, El-Sisi reaffirmed Egypt’s “pride in its historic relations with Saudi Arabia, both at the leadership and popular levels, and across all sectors.”