Latest news with #Anti-MoneyLaunderingandTerrorismFinancingLaw
Qatar Tribune
11 hours ago
- Politics
- Qatar Tribune
Shura Council approves draft law on lost and abandoned property
Following a thorough discussion of the report and its recommendations, the Shura Council approved the proposal and resolved to submit it to the esteemed government. During the same session, the Shura Council also approved a draft law concerning lost and abandoned property and a draft law on water, both in their amended forms. The Shura Council referred the drafts to the esteemed government after reviewing the reports of the specialized committees and discussing their details with the honourable members. Separately, the Council discussed a draft law amending certain provisions of the Anti-Money Laundering and Terrorism Financing Law, promulgated by Law No (20) of 2019, as referred by the esteemed government. The Council decided to forward the draft to the Internal and External Affairs Committee for further study and reporting. The Council also discussed a draft law amending certain provisions of the Lawyers' Law, promulgated by Law No. (23) of 2006, which had been referred by the esteemed government. The Council resolved to refer the draft to the Legal and Legislative Affairs Committee for detailed review and submission of its report. Furthermore, the Council approved amendments to certain provisions of the Shura Council's internal regulations, issued under Law No. (8) of 2024, following its review of the Legal and Legislative Affairs Committee's report. The amendments were subsequently referred to the esteemed government. The session continued with the Council reviewing the report of the Social Affairs, Labour, and Housing Committee regarding the esteemed government's response to the Council's earlier proposal on reorganizing and monitoring domestic worker recruitment offices. The Council made the appropriate decision on the matter. The Council also reviewed the esteemed government's response to its previous proposal concerning the promotion of national values and identity within Qatari society. It was decided to refer the matter to the Education, Culture, Sports, and Media Affairs Committee for further study and feedback. The Council later reviewed the report on the participation of its delegation in the third edition of the South-South Parliamentary Dialogue Forum, held last April in Rabat, Morocco. The forum was titled 'Interregional and Continental Dialogues Among Countries of the South: A Key Lever to Address New Challenges to International Cooperation and Achieve Security, Stability, and Shared Development.' Additionally, the Council reviewed the report on the participation of HE Issa bin Ahmed Al Nasr in a parliamentary symposium organized by the Inter-Parliamentary Union under the theme 'Digital Challenges to Peace, Inclusion, and Human Rights: The Role of Social Media Platforms in Spreading Hate Speech and Strategies to Combat It,' which was held virtually last March. A number of senior officials from the Center for Empowerment and Care of the Elderly (Ehsan) attended the session.
Qatar Tribune
21-05-2025
- Business
- Qatar Tribune
Cabinet commends outcomes of Amir's talks with US president, Arab Summit
DOHA: Prime Minister and Minister of Foreign Affairs HE Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani has chaired the Cabinet's regular meeting held at its headquarters in the Amiri Diwan. At the beginning of the meeting, the Cabinet commended the results of the talks held by His Highness the Amir Sheikh Tamim bin Hamad Al Thani with President of the friendly United States of America HE Donald Trump, during his state visit to the State of Qatar on May 14 and 15. The Council affirmed that the historic visit, the extensive discussions that took place within its framework, and the agreements, memoranda of understanding, and a joint declaration of cooperation signed between the Government of the State of Qatar and the Government of the United States of America, represent a milestone in the path of the strong strategic relations between the two countries and their distinguished investment partnership. It also constitutes a new impetus for the constructive cooperation existing between them in many fields, in a way that achieves the common interest of the two friendly countries and peoples, and enhances security, peace, and stability in the region and the world. The Council of Ministers welcomed the outcomes of the 34th Ordinary Session of the Council of the League of Arab States at the Summit Level, held on May 17 in the Iraqi capital, Baghdad, with the participation of His Highness the Amir Sheikh Tamim bin Hamad Al Thani. The Council expressed its hope that the summit's outcomes would contribute to strengthening Arab solidarity and joint action, particularly in light of the challenges facing the Arab nation, most notably the killing, starvation, siege, and plans to displace the Palestinian people in the Gaza Strip. This calls for an immediate cessation of hostilities in Gaza and the guarantee of urgent humanitarian aid access to the territory. The Council of Ministers considered the topics on its agenda, where the Council approved a draft law amending some provisions of the Anti-Money Laundering and Terrorism Financing Law issued by Law No. (20) of 2019 and referring the draft law to the Shura Council. The draft law was prepared with the aim of enhancing the effectiveness of the National Committee for Combating Money Laundering and Terrorism Financing to achieve its goals and carry out its tasks. The Council also approved the draft Cabinet resolution amending some provisions of the executive regulations of the Anti-Money Laundering and Terrorism Financing Law issued by Cabinet Resolution No. (41) of 2019. The Council also approved the Minister of Labour's draft resolution setting fees for work permits, worker recruitment, and certification of seals, certificates, and other documents. The draft resolution was prepared with the aim of alleviating the financial burden on private sector companies and institutions by reducing fees and exempting some of them. The Cabinet decided to approve the draft Cabinet resolution regarding the tax advantage associated with capital gains arising from restructuring within a single group. The draft resolution, prepared by the General Tax Authority, aims to keep pace with international best practices in the field of taxes and contribute to economic and social development. The Council also decided to approve a draft air services agreement between the Government of the State of Qatar and the Government of the Republic of Honduras. The Cabinet reviewed the Shura Council's proposals regarding regulating the procedures for domestic workers leaving the country and took the appropriate decision.
Zawya
20-03-2025
- Business
- Zawya
Kuwait may revoke business licenses inactive for 6 months or expired for a year
KUWAIT CITY - The Ministry of Commerce and Industry is reportedly studying a legal proposal to automatically cancel commercial licenses that have been expired for over a year or inactive for six consecutive months. This comes in response to a growing number of visitors seeking assistance with issues ranging from disclosing "beneficial owner" information to canceling forgotten or suspended licenses to avoid penalties for non-registration. Sources revealed that the ministry is weighing two contrasting legal opinions on the matter. The first, a conservative stance, argues that the ministry lacks the legal authority to unilaterally revoke licenses without a clear legal basis. Proponents of this view emphasize that such action could expose the ministry to legal and financial risks, particularly in cases involving the demolition of commercial centers tied to suspended licenses or those with years of unpaid financial statements. They stress that the license holder's procedural approval for cancellation is a legal necessity. On the other hand, a second opinion supports the ministry's right to cancel licenses under the Companies Law. This view asserts that the ministry can revoke licenses if the associated business has been inactive for six consecutive months, if the company has expired or been liquidated, or if the license holder fails to renew it within a year of its expiration. Advocates argue that this approach aligns with Article 11/3 of Law No. 111 of 2013 on commercial establishment licenses and related ministerial decisions. They also highlight that the measure would alleviate the administrative burden caused by the surge in auditors seeking to fulfill "actual beneficiary" registration requirements. The legal debate follows the discovery of a significant number of dormant licenses, some of which have been inactive since their issuance, while others have not submitted financial statements for years. This issue has been compounded by the ministry's recent enforcement of "beneficial owner" registration, which imposes penalties ranging from 1,000 to 10,000 dinars for non-compliance, and up to half a million dinars under the Anti-Money Laundering and Terrorism Financing Law. Ministry officials are reportedly examining both legal perspectives in detail, with any final decision expected to adhere to the Companies Law, its regulations, and relevant ministerial decisions. Progress on Beneficial Owner Registration In a related development, sources indicate that commercial license holders are steadily registering their beneficial owner data, with approximately 60% of the 226,938 licenses subject to disclosure having complied so far. The ministry aims to achieve 90% compliance by June, in line with recommendations from the International Financial Action Task Force (FATF) to strengthen Kuwait's anti-money laundering and counter-terrorism financing measures. To streamline the process, the ministry has added the "Actual Beneficiary Owner" service to the "Sahl Business" program, allowing users to complete the registration in clear, straightforward steps. This follows Al-Rai's March 16 report, which highlighted that 31,700 companies disclosed their beneficial owner information within just four days. Under Ministerial Resolution No. 16 of 2025, all entities registered with the Ministry of Commerce, including sole proprietorships and companies of any type, are required to disclose their beneficial owners. However, companies listed on the Kuwait Stock Exchange, foreign stock markets, and government-owned companies are exempt from this requirement. Key Perspectives - Conservative View: - The ministry lacks legal authority to unilaterally cancel licenses. - Legal and financial risks arising from unapproved cancellations. - License holder consent is a procedural necessity. - Supportive View: - Cancellation aligns with the Companies and Commercial Licensing Laws. - Addresses the issue of procedurally unrenewed licenses. - Reduces administrative strain from "actual beneficiary" registration demands. As the ministry deliberates, the outcome of this legal debate will have significant implications for Kuwait's commercial regulatory framework and its efforts to combat financial crimes. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. ( arabtimes
Arab Times
19-03-2025
- Business
- Arab Times
Kuwait May Revoke Business Licenses Inactive for 6 Months or Expired for a Year
KUWAIT CITY, March 19: The Ministry of Commerce and Industry is reportedly studying a legal proposal to automatically cancel commercial licenses that have been expired for over a year or inactive for six consecutive months. This comes in response to a growing number of visitors seeking assistance with issues ranging from disclosing "beneficial owner" information to canceling forgotten or suspended licenses to avoid penalties for non-registration. Sources revealed that the ministry is weighing two contrasting legal opinions on the matter. The first, a conservative stance, argues that the ministry lacks the legal authority to unilaterally revoke licenses without a clear legal basis. Proponents of this view emphasize that such action could expose the ministry to legal and financial risks, particularly in cases involving the demolition of commercial centers tied to suspended licenses or those with years of unpaid financial statements. They stress that the license holder's procedural approval for cancellation is a legal necessity. On the other hand, a second opinion supports the ministry's right to cancel licenses under the Companies Law. This view asserts that the ministry can revoke licenses if the associated business has been inactive for six consecutive months, if the company has expired or been liquidated, or if the license holder fails to renew it within a year of its expiration. Advocates argue that this approach aligns with Article 11/3 of Law No. 111 of 2013 on commercial establishment licenses and related ministerial decisions. They also highlight that the measure would alleviate the administrative burden caused by the surge in auditors seeking to fulfill "actual beneficiary" registration requirements. The legal debate follows the discovery of a significant number of dormant licenses, some of which have been inactive since their issuance, while others have not submitted financial statements for years. This issue has been compounded by the ministry's recent enforcement of "beneficial owner" registration, which imposes penalties ranging from 1,000 to 10,000 dinars for non-compliance, and up to half a million dinars under the Anti-Money Laundering and Terrorism Financing Law. Ministry officials are reportedly examining both legal perspectives in detail, with any final decision expected to adhere to the Companies Law, its regulations, and relevant ministerial decisions. Progress on Beneficial Owner Registration In a related development, sources indicate that commercial license holders are steadily registering their beneficial owner data, with approximately 60% of the 226,938 licenses subject to disclosure having complied so far. The ministry aims to achieve 90% compliance by June, in line with recommendations from the International Financial Action Task Force (FATF) to strengthen Kuwait's anti-money laundering and counter-terrorism financing measures. To streamline the process, the ministry has added the "Actual Beneficiary Owner" service to the "Sahl Business" program, allowing users to complete the registration in clear, straightforward steps. This follows Al-Rai's March 16 report, which highlighted that 31,700 companies disclosed their beneficial owner information within just four days. Under Ministerial Resolution No. 16 of 2025, all entities registered with the Ministry of Commerce, including sole proprietorships and companies of any type, are required to disclose their beneficial owners. However, companies listed on the Kuwait Stock Exchange, foreign stock markets, and government-owned companies are exempt from this requirement. Key Perspectives - Conservative View: - The ministry lacks legal authority to unilaterally cancel licenses. - Legal and financial risks arising from unapproved cancellations. - License holder consent is a procedural necessity. - Supportive View: - Cancellation aligns with the Companies and Commercial Licensing Laws. - Addresses the issue of procedurally unrenewed licenses. - Reduces administrative strain from "actual beneficiary" registration demands.
