Non-filers of assets to lose jobs and face fine
KUWAIT CITY, May 20: The Kuwait Anti- Corruption Authority (Nazaha) has issued a warning regarding delays by the concerned parties in submitting financial disclosure statements per Law No. 2/2016 within the legal deadlines, reports Al-Seyassah daily. It affirmed that these disclosures serve as a preventive measure to promote transparency, ensure oversight of public positions and their holders, and protect public funds.
On its X account, Nazaha explained that delaying the submission of the first disclosure after a warning, for more than 90 days, could result in a fine of at least KD 500, with the possibility of dismissal from the position. Failure to update the disclosure within the specified deadlines, if the delay exceeds 90 days after the warning, could result in a fine of up to KD 10,000, imprisonment for up to one year, and the potential for dismissal from the position. Delaying the submission of the final disclosure for more than 90 days could result in fines of up to KD 30,000 and imprisonment for up to three years. After the disclosures are submitted, the relevant inspection committees verify the accuracy of the data and prepare necessary reports. If there is any suspicion of illicit gain, the case is referred to the competent authorities for appropriate legal action.
It is worth noting that in February, the government announced amendments to Law No. 2/2016, which expanded the categories required to submit financial disclosures. These now include chairpersons and members of boards of directors of charitable and civil society organizations, executive directors, financial controllers, administrators in cooperative societies, members of legal departments in certain government agencies, and customs inspectors. The amendments also expanded the scope of corruption crimes to include the embezzlement of cooperative society funds, as well as the crimes already covered by the law. The goal is to protect shareholders' funds and strengthen oversight of these societies.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Kuwait Times
4 hours ago
- Kuwait Times
Kuwait moves to align tax, investment policies with Qatar, Saudi Arabia
KUWAIT: The Kuwaiti Ministry of Finance signed two separate agreements on Sunday with its counterparts in Saudi Arabia and Qatar. The agreements aim to support regional financial cooperation and enhance economic integration among Gulf Cooperation Council (GCC) countries. Minister of Finance and Minister of State for Economic Affairs and Investment, Noura Al-Fassam, affirmed in a press statement following the signings that the ministry is committed to strengthening economic collaboration within the GCC and providing all necessary means to achieve deeper economic integration among member states. Minister Al-Fassam represented Kuwait in the signing ceremonies. Representing Saudi Arabia was Minister of Finance Mohammed Al-Jadaan. The agreement with Saudi Arabia focuses on coordination on financial issues at both regional and international levels, and includes areas such as the development of financial policies, legislation, and regulatory frameworks to serve mutual interests. The Qatari side was represented by Minister of Finance Ali Al-Kuwari. The agreement with Qatar addresses the avoidance of double taxation and prevention of tax evasion. It also aims to facilitate investments, enhance capital flows, and align tax policies between the two countries. Additionally, the agreement includes provisions for tax exemptions and reductions on profits and interest, offers preferential treatment for government investment entities, and outlines mechanisms for the mutual settlement of future tax disputes between the two brotherly nations. — KUNA
Kuwait Times
4 hours ago
- Kuwait Times
Burgan Bank participates in IDC Kuwait CIO Summit
KUWAIT: Burgan Bank recently participated in the IDC Kuwait CIO Summit 2025, held under the theme 'Architecting an AI-Fueled Business' at Courtyard by Marriott Kuwait City, where it joined more than 150 industry leaders from public and private sectors to engage in vital industry conversations on the latest market-shaping technologies. Barrak Al-Mattar, General Manager – Information Technology, contributing to the summit's agenda and priorities. The Bank's participation aligns with its forward-looking digital transformation strategy, comprehensive social responsibility program, and committed adherence to environmental, social, and governance (ESG) best practices. 'It's an honor to represent Burgan Bank at an event as influential as the IDC Kuwait CIO Summit, which serves as a key enabler for driving forward momentum in our technologically fast-moving industry, while discussing the best localized courses of action that serve Kuwait's digital transformation, in line with the nationwide strategy and New Kuwait Vision 2035,' said Al-Mattar. He added that Burgan Bank's commitment to digitally transforming the banking experience it offers customers centers not only on convenience and speed but also on inclusivity and accessibility, noting that digital banking continues to be a primary pillar supporting the growth of entrepreneurship and SME growth in Kuwait. Other facets of the digital revolution in banking extend to vital considerations such as sustainability, which digitalization supports through reducing the carbon footprint, responsibly and consciously disposing of electronic waste, among other positive influences. In addition, Burgan Bank continues to utilize the latest technologies to fortify its cybersecurity systems, with the support of advanced AI capabilities, while operating within the responsible parameters of governance. This commitment is further reinforced through adherence to ISO standards and full compliance with the Central Bank of Kuwait's (CBK) regulations, underscoring the Bank's dedication to security, integrity and regulatory alignment. The 2025 edition of the summit centered on the key themes including the widespread adoption of artificial intelligence (AI), digital business strategies, digital economy trends, data platforms for the intelligent enterprise, data-driven customer experience (CX) transformation, the future of work, digital trust and security, Industry 4.0, sustainability, software innovation and modern app development, and the future of digital infrastructure. It is worth noting that Al-Mattar was awarded the 'Legend CIO' award in the '20+ years' experience in the field' category, as part of the World CIO 200 Summit's recognition of the most influential IT leaders in their respective industries worldwide in 2024. The Bank's unwavering commitment to leading with innovation and deploying digital transformation as one of its strategic pillars of success continues to cement its philosophy to be 'Driven by You' and vision to be the most modern and progressive bank in Kuwait.
Arab Times
11 hours ago
- Arab Times
Electrical Station Hit as Cables Worth 4,300 KD Stolen
KUWAIT CITY, June 1: The Deputy Public Prosecutor has ordered the dispatch of forensic experts to examine the scene of a theft at an electrical station in Mutlaa and instructed the Criminal Investigation Department to identify and apprehend the culprits. The case has been registered as a felony at the Mutlaa Police Station. According to a security source, the incident came to light when a 39-year-old Kuwaiti citizen, employed as a legal researcher at the Ministry of Electricity and Water, reported the theft to police. The citizen arrived at the station with an official mandate from the ministry after technicians were sent to investigate an electrical fault. Their inspection revealed that unknown individuals had stolen high-voltage cables by cutting them from Station No. 200 in Block 4 of the Mutlaa N2 area. The station houses four electrical transformers, each containing seven cables, for a total of 28 cables. Each cable measures 7 meters in length and 630mm in size, with an individual value of KD 154, bringing the total estimated loss to KD 4,300.
