Latest news with #FawazAl-Khatib
Reuters
01-07-2025
- Business
- Reuters
Kuwait strengthens anti-money laundering legislation
KUWAIT, July 1 (Reuters) - Kuwait has strengthened its anti-money laundering and counter-terrorism financing law, which will impose tougher penalties for violators, as it seeks to avoid falling foul of a global financial crime watchdog. The Paris-based Financial Action Task Force (FATF), a global money laundering watchdog, said in October that Kuwait's legal and supervisory framework had "serious shortcomings delivering effective outcomes", citing failures in addressing terrorist financing. The FATF requested the establishment of a domestic process tasked with freezing terrorist assets and publishing a full list of individuals under targeted financial sanctions (TFS). Under a decree issued on Monday, a government committee can now be delegated powers to implement resolutions aimed at combating terrorism, its financing and the spread of weapons of mass destruction, with immediate effect. These were previously reserved for the cabinet. It also set fines of up to 500,000 Kuwaiti dinars ($1.64 million) for violations. Finance Minister Nora Al-Fassam said in a statement that the amendments would help Kuwait improve transparency and meet international standards. The government has also introduced the requirement for companies to identify the "beneficial owner", who exercises ultimate control over the firm, and transferred supervision of exchange houses activities from the commerce ministry to the central bank. Kuwait's new law grants the government direct authority to freeze funds and assets suspected of links to money laundering or terrorism financing without a court order, lawyer Fawaz Al-Khatib told Reuters, adding the amendment "brings Kuwait closer to FATF international standards." In the Gulf, the United Arab Emirates, home to financial centres such as Dubai and Abu Dhabi, was dropped, opens new tab from the FATF's so-called "grey list" of countries at risk of illicit money flows in February 2024 after a little less than two years.
Arab Times
11-03-2025
- Business
- Arab Times
Kuwait Court Lifts 20-Year Trade Ban, Ends Local Monopoly
KUWAIT CITY, March 11: The judiciary has revoked a precautionary seizure order issued more than two decades ago on goods bearing a global trademark, which had been monopolized by a local company. According to the grievance papers, the local trademark agent issued an order in 2000 to seize all goods bearing the trademark through various customs ports. As a result, Kuwait General Administration of Customs (KGAC) implemented the seizure order on any goods imported under the applicable circulars at the time. An importer of goods bearing the same trademark filed a grievance after the KGAC refused to release a shipment he imported, preventing him from receiving the goods. The importer then resorted to the judiciary with the help of his lawyer, Attorney Dr. Fawaz Al-Khatib. Al-Khatib argued that the seizure order violated several laws, including the Code of Civil Procedure, Commercial Agencies Regulation Law, Trade Law, and Competition Protection Law. After exhausting all legal avenues, the complainant obtained a final and binding ruling to annul the precautionary seizure order and lift the monopolistic restrictions on the goods. Al-Khatib stated that this ruling highlights the effectiveness of the judiciary in protecting economic entities and fostering a competitive and fair investment environment in line with the latest economic laws. It also enhances the confidence of traders and investors in the integrity of Kuwait's legal framework, he added. Al-Seyassah/Arab Times Staff
