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.
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 © Mena Today
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.
By Ali Hussein
Israelis will on Wednesday mark three years since Hamas attacked Israel on October 7, 2023, triggering a military assault that destroyed much of Gaza, where conditions remain dire despite a year-old ceasefire that is meant to halt the war for good.
Canadian Prime Minister Mark Carney will travel to Ankara and Istanbul from October 21 to 23, his office said on Tuesday, in what will be the first dedicated bilateral visit to NATO ally Turkey by a Canadian leader.
Israeli Ambassador Danny Danon said “Three years ago, on October 7th, Hamas tried to break us. They did not.”
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.