March 23, 2016
The Ministry of Commerce and Industry’s anti-money laundering and terrorism funding department urged real estate bodies, including the real estate union, real estate brokers’ union and real estate assessors, to contact it as soon as possible to make their suggestions prior to issuing a ministerial decision soon on fighting suspicious real estate transactions.
The letter that the ministry sent read as follows: “With reference to law number 106/2013 pertaining with fighting money laundering and terrorism funding, and with reference to ministerial decision number 37/2013 on issuing the executive chart of the money laundering and terrorism funding law, we would like to inform you that the ministry was in the process of preparing a ministerial decision in this regard.”
The sources added that the anticipated decision would re-organize and regulate the professions of real estate brokers, offices, agencies and companies according to the aforementioned law. The sources also noted that the decision would also set new strict measures to track down any of the incriminated suspicious transactions as well as regulate local real estate markets by monitoring local transactions and real estate exhibitions held in Kuwait. Further, the sources noted that ministry urged the addressed bodies to respond within a week and to set an appointment for an urgent meeting to be held as soon as possible.