Kuwait’s Cabinet has approved a draft law that introduces penalties for individuals operating unlicensed money exchange activities, in an effort to tighten financial oversight and curb informal currency trading, the state news agency KUNA reported.
The bill targets anyone buying, selling, exchanging or transferring local or foreign currency without a valid licence.
According to Deputy Prime Minister and Minister of State for Cabinet Affairs Shereeda Maousherji, offenders will face up to six months in prison or a fine of up to KD 3,000. Either penalty may be applied separately or together.
The legislation also allows authorities to close unlicensed shops or their branches.
The decision was taken during a Cabinet meeting chaired by Prime Minister Sheikh Ahmad Al Abdullah Al Ahmad Al Sabah at Bayan Palace. Officials said the government aims to strengthen regulation of Kuwait’s financial sector at a time when regional governments are placing greater emphasis on combatting illicit financial flows and improving compliance standards.
In the same session, ministers approved a second bill to establish a unified body that will handle job applications for military and security institutions. The mechanism will cover the Ministry of Defence, Ministry of Interior, the National Guard and the Kuwait Fire Force.
The government said the new structure is designed to streamline recruitment and ensure greater coordination across the country’s defence and security services.
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