Bodi: Review and correct the trade situation

Commerce Minister Osama Al-Boudi affirmed that the issuance of the decree-law on combating commercial concealment represents a qualitative legislative leap in the country’s journey to develop its economic environment, reflecting the state’s orientation toward consolidating transparency in the conduct of economic activities to enhance fair competition. Al-Boudi told KUNA that the decree protects the national economy and ensures that state benefits reach those who meet the eligibility criteria. He clarified that the philosophy of the decree-law goes beyond combating traditional forms of commercial concealment; it is based on consolidating the principle of disclosing the beneficial owner of commercial activities, thereby ensuring equal opportunities and protecting those who comply with the law from illegal practices. He added that practical experiences over the past years revealed practices that exploited privileges and benefits earmarked to support small and medium-sized enterprises and other activities by concealing the beneficial owner or using the names of others. He pointed out that this deprived rightful beneficiaries of their opportunities, and its impact extended further to weakening the willingness to enter the market among those who perceive competition as pre-determined in favor of non-compliant entities, which negatively affects the renewal and diversification of economic activity. Al-Boudi noted that the primary beneficiary of this legislation is every compliant entity that bears the cost of its compliance, and that its impact is not limited solely to economic actors; a market in which the true owner of the activity is known is a fairer market for all—for young men and women seeking business opportunities, and for society, as resources and benefits reach their intended targets. He stressed that the decree-law does not target a specific group nor discriminate between individuals; rather, it applies to anyone who violates its provisions, regardless of their status or gender, within a comprehensive legal framework that defines prohibited acts, delineates the responsibility of anyone who participates in, contributes to, facilitates, or benefits from such acts, and grants competent authorities the necessary regulatory powers in accordance with the guarantees stipulated by the law. He said that this legislation does not aim to restrict economic activity, but rather to establish a business environment where success is based on competence and compliance.