New rule in Kuwait: No more cash for gold or jewelry

The Kuwaiti government has officially banned the purchase of gold and jewelry with cash, in a move aimed at strengthening financial transparency and combating illicit activities.

The new regulation, which took effect recently, is part of broader efforts to fight money laundering and disrupt the financing of terrorism, according to officials.

All transactions involving gold, precious metals, and high-value jewelry must now be conducted via traceable payment methods such as bank transfers or electronic payments. Authorities say this will make it easier to monitor financial flows and ensure compliance with international anti-financial crime standards.

Kuwait joins a growing list of countries tightening controls over the luxury goods sector, often exploited by criminal networks to move large sums of untraceable money.

The decision has been welcomed by financial regulators and is seen as a step forward in aligning Kuwait's practices with global anti-money laundering (AML) and counter-terrorism financing (CTF) frameworks.