Five MPs warned against suspicious operations and money laundering activities through social media advertising. In this regard, MPs Muhannad Al-Sayer, Abdullah Jassim Al-Mudhaf, Dr. Hassan Gohar, Muhalhal Al-Mudhaf and Abdulaziz Al-Saqabi submitted a proposal to regulate advertising through social networking sites from 12 articles, an Arab daily reported.
The deputies stated in the proposal’s explanatory memorandum that the urgent need for a law regulating advertising activities through social media channels has emerged due to the increasing marketing reliance of companies and suppliers on famous social networking sites. This has created a market that is not in actual control of the regulatory authorities in the state, and makes it a hub for suspicious operations and laundering. According to the explanation, funds and other inflated bank accounts with funds whose sources have not been inferred exist in the sites.
Officials added that the law is based on regulating the relationship of and preserving all rights for advertising parties, while creating a healthy and suitable business environment for advertising activities through the sites legally, and based on well-defined and correct procedures, under the supervision of the country’s authorities. It also specifies the conditions for citizens, companies and institutions in the country, or citizens of the GCC states and Arab countries, as well as companies and institutions affiliated with the GCC states and Arab countries, to be able to submit an application for a license to engage in advertising activities through social networks.
In addition, the law was keen on granting a license for 18 years old individuals, in accordance with the provisions of Law No. 1 of 2016 issuing the Companies Law. Officials explained that it was sufficient to grant the power of exception from this condition to the Minister alone, based on the nature of the activity.
Furthermore, it was also mentioned that the law has specified prohibitions and penalties, provided that the penalties stipulated in other laws are not violated, by taking into account whichever is more severe. In case the authorities discover that the sources of funds deposited in the account obtained from social media advertising are not inferred, the state will confiscate and transfer the funds to the state treasury in accordance with the Anti-Money Laundering and Terrorist Financing Law.
Read Today's News TODAY... on our Telegram Channel click here to join and receive all the latest updates t.me/thetimeskuwait
