Kuwait enhances laws to combat money laundering and terror funding
The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait's integrated government efforts to strengthen measures against financial crimes.
During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait's commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.
The new decree law includes two significant amendments:
Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n
The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.
Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee's official website, enhancing transparency and meeting international obligations.
Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait's strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.
Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
9 minutes ago
- Zawya
AJEX expands B2C delivery services to Qatar, Oman, Kuwait
AJEX Logistics Services, a specialist in e-commerce distribution and logistics solutions, has announced the expansion of its B2C Full Mile and Last Mile delivery services to Qatar, Oman, and Kuwait. The company's ongoing expansion marks the latest milestone in its mission to provide seamless, end-to-end e-commerce logistics across the region. In response to rising demand, AJEX is now offering a single one-stop-shop for all B2C deliveries across the GCC, providing businesses with convenient, tech-enabled delivery solutions. Customers across the newly added AJEX network in Qatar, Oman, and Kuwait will now benefit from services including cross-border fulfilment, customs clearance, cash-on-delivery (COD), returns, and insurance, tailored to local market needs. Designed to ensure service excellence, all AJEX parcel deliveries are supported by real-time tracking for full visibility and control. E-commerce adoption continues to accelerate across the Middle East, driven by rising digital connectivity, shifting consumer expectations, and strong investment in both digital and logistics infrastructure. According to recent market research, e-commerce sales are projected to grow approximately 11% annually from 2023 to 2027 across the Gulf region, reaching $49.78 billion by 2027, with emerging markets like Kuwait, Oman, and Qatar, and key sectors such as fashion, groceries, and healthcare, anticipated to be major contributors. With its latest expansion, AJEX is fast becoming the preferred logistics provider in the Middle East, trusted by businesses for speed, reliability, and innovation. 'With the expansion of our B2C delivery services into Qatar, Oman, and Kuwait, AJEX is now uniquely positioned to support the entire GCC region with fast, reliable, and customer-centric e-commerce logistics,' said Mohammed Albayati, Group CEO of AJEX Logistics Services. 'As online retail continues to reshape consumer habits, we remain committed to building agile and scalable logistics solutions that meet the needs of retailers and customers alike, while supporting national visions for diversification, digital growth, and regional integration.' This latest expansion underscores strategic role of AJEX in advancing e-commerce enablement across the region—helping businesses grow, consumers connect, and economies thrive through smarter logistics. Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Khaleej Times
9 minutes ago
- Khaleej Times
IHC posts Dh10.8b H1 profit on strong diversified growth
International Holding Company (IHC) has delivered a strong first-half performance for 2025, posting revenue of Dh54.7 billion, up 31.1 per cent from Dh41.7 billion a year earlier, and a net profit of Dh10.8 billion. The Abu Dhabi‑based global investment group credited the results to disciplined strategic investments, portfolio strength across multiple sectors, and one of its best‑ever second quarters. Q2 revenue climbed 22.5 per cent year‑on‑year to Dh27.5 billion, while net profit surged 55.3 per cent to Dh6.7 billion, reflecting higher operating leverage and sustained demand across core verticals. Real estate and construction remained the largest revenue contributor, generating Dh22.6 billion in H1, up 47.8 per cent, supported by strong project pipelines and resilient market demand. Marine and dredging operations added Dh14.1 billion, rising 10.8 per cent, while hospitality and leisure nearly doubled turnover to Dh4.9 billion as global travel demand returned strongly. Financial services revenue rose 21.4 per cent to Dh1.8 billion, and energy operations delivered Dh400 million, up 161.3 per cent, highlighting the breadth of IHC's diversification strategy. Earnings per share increased to Dh2.49, with return on equity at 10.8 per cent. Total assets reached Dh436.9 billion as of June 30, 2025, up 8.7 per cent since year‑end 2024. 'Our H1 2025 results reflect the continued strength of IHC's diversified model and the disciplined execution of our strategic investment agenda,' said Syed Basar Shueb, CEO of IHC. 'By delivering outstanding portfolio performance and enhancing operating leverage, we are unlocking value across sectors while deepening our impact in regional and global markets.' The company advanced several major strategic initiatives in the first half. It launched Gridora, a joint venture with ADQ and Modon to deliver strategic infrastructure projects across the UAE and abroad, and unveiled RIQ, an Abu Dhabi Global Market‑based AI‑driven reinsurance platform developed with BlackRock and Lunate, backed by over $1 billion in equity and targeting liabilities exceeding $10 billion. In a push into digital finance, IHC joined ADQ and First Abu Dhabi Bank to pioneer a UAE dirham‑backed stablecoin aimed at enhancing payment systems and blockchain adoption. The group also took a leading role at the 2025 World Economic Forum in Davos, engaging with policymakers, investors, and industry leaders to promote sustainable investment and global collaboration. M&A activity remained a key growth lever. Multiply Group acquired a controlling 67.91 per cent stake in European fashion retailer Tendam, while IHC took a 69.33 per cent interest in Reem Finance to bolster its financial services footprint. The group also acquired and rebranded SME financing platform eFunder as Zelo, targeting the $250 billion SME credit gap in the UAE with digital invoice financing solutions. Other investments expanded IHC's reach across high‑growth sectors. Modon entered the UK property market with a 50 per cent joint venture in London's 2 Finsbury Avenue development. Al Ain Farms acquired Al Jazira Poultry Farm for Dh255 million, boosting its domestic poultry portfolio. In energy, NMDC Group bought 70 per cent of oilfield services firm Emdad, while Esyasoft purchased UK‑based Good Energy in a Dh453 million deal to strengthen renewable energy and EV mobility capabilities. Healthcare remained a priority growth sector. PureHealth, an IHC subsidiary, completed a landmark $2.3 billion acquisition of a 60 per cent stake in Greece's largest private healthcare provider, Hellenic Healthcare Group, reinforcing its European expansion. The group also increased its logistics footprint through Aldar's acquisition of integrated logistics assets in Almsrkaz from Waha Capital for Dh530 million, adding income‑generating properties across Abu Dhabi, DIP, Jebel Ali, and Dubai South. Shueb emphasised that IHC is shaping 'the industries of tomorrow' by connecting innovative businesses with long‑term capital and operational expertise. 'Our platform is built for scalable and sustainable global relevance,' he said. 'We remain committed to being a catalyst for economic transformation and delivering enduring value to shareholders and stakeholders.'
Arabian Business
26 minutes ago
- Arabian Business
Parkin, Dubai Holding partner to deliver smart parking solutions in Dubai
Dubai's foremost provider of paid parking facilities, Parkin Company PJSC (Parkin), has formalised a collaboration with Dubai Holding, the global investor managing projects in over 30 countries. This strategic agreement marks a pivotal step toward smarter, digitally powered mobility across several master‑planned communities in the emirate. Parkin will now operate and manage 29,600 paid parking spaces, bringing its total portfolio of developer‑owned facilities to approximately 50,400 spaces. The initiative will officially be deployed in the middle of the third quarter of 2025. Expanding smart parking across Dubai Parkin will deliver end‑to‑end management across the expanded portfolio, deploying cutting‑edge digital systems, real‑time analytics, and enforcement technology to elevate operational efficiency. Designed to ease pressures on parking availability, the new system promotes: Optimal utilisation of parking capacity Enhanced urban connectivity and accessibility Reduced traffic congestion Fortified smart mobility infrastructure in key residential and mixed‑use zones A more efficient daily experience for both residents and visitors Eng. Mohamed Abdulla Al Ali, CEO of Parkin, highlighted this deal as a cornerstone in the company's expansion within the private developer sector. 'This strategic partnership with Dubai Holding strengthens our presence in the private developer parking segment, enabling us to extend our market-leading parking solutions across key communities in the emirate, while delivering integrated urban mobility experiences that enhance our customers' quality of life. 'The operational rollout will proceed in phases, fully aligned with Parkin's rigorous operational standards and commitment to improving efficiency and day-to-day convenience. This collaboration represents a key milestone in Parkin's expansion strategy and underscores our dedication to continue developing efficient, sustainable and resident-centric infrastructure in support of Dubai's ongoing expansion'. This initiative not only broadens Parkin's operational footprint in the private sector but also reflects a shared ambition with Dubai Holding to drive technological investment and elevate the emirate's urban mobility landscape.
