Kuwait bans cash transactions for vehicle sales and purchases
Restricting cash sales of vehicles allows authorities to track the movement of funds, verify their sources, and monitor their final destinations.
• Khalifa Abdullah Ajeel, the Minister of Trade, Commerce, and Industry, issued a directive requiring all vehicle sales to be conducted through banking channels.
• The ministry’s decision aims to combat money laundering by banning cash transactions, helping to curb financial crimes, and closing related gaps.
The Ministry of Trade, Commerce, and Industry has banned cash transactions for vehicle sales. Minister of Trade and Industry Khalifa Abdullah Ajeel issued a directive requiring all vehicle sales to be conducted through banking channels, prohibiting cash payments, according to Al Jarida newspaper.
The ministry said in a statement on Wednesday that this decision is part of ongoing and intensive efforts to combat and reduce money laundering crimes, emphasizing that banning cash transactions will significantly help curb financial crimes and close gaps specifically related to money laundering.
The statement added that restricting cash sales will allow authorities to track the movement of funds, verify their sources, and monitor their final destinations, ensuring compliance with the law.
The decision mandates the prohibition of cash sales and limits payment methods to banking channels for vehicle transactions. It also specifies that violations of this decision may result in one or more sanctions provided for in relevant laws and regulations.
The ministry affirmed its commitment to combating financial crimes, including money laundering, which threaten economic growth and sustainable development. These practices harm society and damage the country’s international reputation, necessitating concerted efforts to address them.
