Ministry targets 130 firms for license cancellation over expired validity

• The Ministry of Commerce and Industry seeks to limit money exchange activities and regulate money flows through secure channels that comply with legal standards and align with international guidelines on financial crime.

• The ministry aims to close loopholes that could be exploited for illegal practices, especially as it has observed certain shops trading in money and currencies far exceeding permitted limits.

According to informed sources, the Ministry of Commerce and Industry plans to cancel the licenses of around 130 institutions and exchange offices that have exceeded legal validity periods, aiming to streamline its commercial records, Al Rai newspaper reported.

Sources indicated that this initiative aligns with the ministry’s commitment to regulate the market in cooperation with relevant authorities. It forms part of regulatory efforts to review the licenses of shops operating as individual institutions, with the aim of establishing guidelines and instructions for regularizing their status according to a specific timetable that adheres to regulatory standards.

Sources further noted that the ministry’s actions aim to improve the work environment in banking activities and to monitor the practices of certain institutions.

According to sources, the Ministry of Commerce and Industry, in cooperation with relevant authorities such as the Central Bank of Kuwait, the Financial Investigation Unit, and others, seeks to limit money exchange activities and regulate money flows through secure channels that comply with legal standards and align with international guidelines on financial crime.

Sources confirmed that the Ministry of Commerce and Industry’s follow-up operations include a survey to assess the feasibility of adjusting the status of individual institutions and transforming them into licensed companies under regulatory oversight.

According to sources, the ministry aims, through these arrangements, to close loopholes that could be exploited for illegal practices, especially as it has observed certain shops trading in money and currencies far exceeding permitted limits.

The sources added that the ministry’s search and survey operations will culminate in a detailed report on practices observed in the activities of these institutions, along with recommendations for legal measures to address the issue soon.

As part of market monitoring efforts, the ministry dispatched a team from the Money Laundering Department, in cooperation with the Commercial Control Department, to ensure that shops are conducting their activities in compliance with laws, regulations, and bylaws.

Sources confirmed that the Ministry of Commerce and Industry will not hesitate to issue fines against any store that fails to comply with the laws, adding that the ministry is coordinating with relevant government agencies to ensure the highest degree of accuracy in its efforts, thereby aligning with overall strategic goals.