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Kuwait Investment Company ("KIC") has conducted last Wednesday a special program at its headquarters for its Board of Directors, Executive Management and all KIC employees on the subject of money laundering  and terrorism financing  pursuant to instructions of  the Capital Markets Authority ("CMA").

In a press release issued on the occasion, the company stated that the program was held  within the framework of Articles 7 and 8 of Module 16 "Combating Money Laundering and Terrorism Financing") of the Executive Regulations  of the CMA Law, which provide that it is necessary that all employees be aware of the latest developments in combating money laundering  and that their information be updated on an on-going basis in order to ensure that they are fully aware of their responsibilities. The program was attended by a number of KIC executives and employees.

KIC gave a lecture with a detailed explanation in order to familiarize the attendees of how money laundering  and terrorism financing (MLTF) came into being and how it developed and  the legislative framework of combating it in the State of Kuwait In addition, the lecture shed light on the stages of  MLTF-related crimes and real-life cases of such crimes as well as the role of the Board of Directors, Executive Management and the employees in combating MLTF.

The Company explained that the Program sought to increase employee awareness of the crime of money laundering by keeping them informed of all matters related to those operations and methods of combating them, thereby increasing their ability and efficiency in identifying, following up and dealing with those crimes.

KIC added that the program highlighted the economic and social consequences of money laundering including increasing crime and corruption, undermining the legitimate private sector, loss of control, taking the wrong decisions in connection with the economic policy, and deforming and destabilizing the economy, endangering the country's reputation, social consequences and loss of tax revenues.

The Company further stated that the lecture reviewed the key control requirements and controls, the three stages of money laundering and the ways and methods through which those operations are carried out, identifying the factors that increase the level of risks, discussing a number of practical cases and the role of internal audit in this regard.

KIC further stated that its organization structure includes an office for following up the requirements of control and combating money laundering  and terrorism financing. The Office has a highly experienced and effective team committed to taking all actions according to the applicable laws and the instructions of the CMA, designed to minimize and combat the money laundering phenomenon  according to international standards. The Office reviews the Company's investment operations and prepares periodic reports in this regard.

KIC emphasized its firm keenness and commitment to increasing employee awareness  with regard to money laundering operations, adding that the Company is a real model of commitment and compliance with the instructions of the supervision authorities  and observance of the applicable laws, particularly the Law No. 106 Concerning Combating Money Laundering and Terrorism Financing.

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