Kuwait slaps up to KD 500,000 fine in push against money laundering
KUWAIT CITY, June 18: A new decree No. 10/2025 has been issued to amend certain provisions of Law No. 106/2013 concerning combating money laundering and the financing of terrorism. The decree includes the following provisions: Article One: Article 25 of Law No. 106/2013 shall be replaced with the following text: 'Based on the recommendation of the Minister of Foreign Affairs, the Council of Ministers shall issue the necessary decisions to implement United Nations Security Council's resolutions issued under Chapter VII of the UN Charter, related to combating terrorism, its financing, and the financing of the proliferation of weapons of mass destruction. This includes decisions to list, delist, or freeze funds and other assets, and to prohibit transactions with natural or legal persons without prejudice to the rights of those acting in good faith. These decisions shall take effect from the date of their issuance. The Council of Ministers may delegate the exercise of the powers stipulated in the above paragraph to a minister. In the absence of any legal impediment, the Minister Plenipotentiary may assign the task to a special committee.
The executive regulations shall specify the rules for publishing or making these decisions available, the method for appealing them, the rules for managing frozen funds and assets, and the procedures for authorizing the release of specific amounts to cover necessary living expenses and other financial obligations. These measures aim to ensure that such funds are used strictly for their designated purposes, in addition to outlining any other controls and procedures necessary to implement the provisions of this article.
Article Two - A new article '33-bis' shall be added to Law No. 106/2013, as follows: Anyone who violates a decision issued under Article 25 of this law shall be subject to a fine ranging from KD 10,000 to KD 500,000 for each violation. This penalty shall be without prejudice to any other penalties or measures that regulatory authorities may impose on financial institutions or designated non-financial businesses and professions, by the provisions of Article 15 of this law.
Article Three - Regulations and decisions issued before the entry into force of this decree- law, concerning the implementation of United Nations Security Council resolutions issued under Chapter VII of the United Nations Charter related to combating terrorism and preventing the proliferation of weapons of mass destruction, shall remain in effect, provided they do not conflict with the provisions of this decree, unless amended or repealed.
Article Four - The Prime Minister and the ministers, each within their respective jurisdiction, shall implement this decree-law, which shall enter into force from the date of its publication in the official gazette.
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