Jewellers top culprits in Kuwait laundering crimes

Kuwait’s jewellery sector accounted for the majority of anti-money laundering and terrorism financing violations detected by authorities last year, a government official said on Wednesday.

Some 930 companies were seized in raids conducted last year after they were found to be violating anti-laundering rules introduced in early 2025, the Kuwaiti news agency (Kuna) reported.

Some 544 of these companies are involved in jewellery dealing, while the rest cover real estate brokerage and other activities, the report said. Most violators were served with a cautionary notice and the rest were heavily fined.

Marwa Al-Jaidan, the undersecretary of Kuwait’s Ministry of Commerce and Industry, said: “We are committed to combating these practices with the aim of protecting the national economy and bolstering investors’ confidence in the domestic market.”

As part of its wider campaign against money laundering and terror funding, Kuwait said in November that it had shut down more than 73,000 companies that have failed to disclose their real owners.

The country has stepped up a drive against money laundering during the past few years following Western criticism and in line with recommendations by the Paris-based watchdog, the Financial Action Task Force (FATF).

In February, the FATF said it had added Kuwait to its “grey list” under increased monitoring for gaps in its anti-laundering laws. It said that Kuwait’s progress in adhering to technical rules was highly recognised.

Last year Kuwait’s commerce and industry ministry warned that companies that fail to heed its instructions would be fined and could be shut if the offence is repeated.

Further reading:

• Kuwait bans cash payments over $32 for health and sport
• Kuwait seeks public help to curb financial crimes
• Financial crime watchdog puts Kuwait on grey list