Kuwait Chamber of Commerce and Industry

KUWAIT: Kuwait Chamber of Commerce and Industry (KCCI) issued 116 precautionary measures against violating companies, the department of anti-money laundering and counterterrorism said in a statement. The measures include written warnings for 23 real estate companies, three money exchange companies, 11 jewelry companies and two insurance companies. The ministry issued an order to 47 real estate companies, six money exchange, 18 insurance companies forcing them to abide the law (106/2013) issued last July. It also issued another order for two real estate companies, a money exchange company, and two insurance companies to provide the ministry with reports.

In other news, Kuwait’s Anti-Corruption Authority set up a higher committee in efforts to push forward a national strategy to root out corruption nationwide. The committee comprises 21 members from across government institutions tasked with drawing up initiatives for tougher anti-corruption measures, according to Luay Al-Saleh, a member of the anti-corruption watchdog’s Board of Trustees.

Kuwait’s anti-corruption body is in the process of putting together similar teams to make sure that the country’s anti-corruption strategy ultimately comes to fruition, added the official. He went on to say that the success of the strategy is crucial to improve Kuwait’s ranking on the global corruption index, which can only occur with collective effort and cooperation on the part of government bodies. – KUNA