The Ministry of Commerce Warns 400 Specialists on Money Laundering Risks in Jewelry - Sarmad

(KUNA) — The Anti-Money Laundering and Counter-Terrorist Financing Department at the Ministry of Commerce and Industry organized a workshop titled “Clarifying Risk Indicators in the Jewelry and Precious Metals Sector,” targeting compliance officers in companies and institutions within the sector. The event was held at the Kuwait Chamber of Commerce and Industry, with more than 400 participants attending.

In a statement to the Kuwait News Agency (KUNA) on Tuesday, the Ministry of Commerce said the workshop was part of the department’s ongoing efforts to raise awareness, strengthen the culture of compliance among stakeholders and specialists, and keep pace with developments in the field of combating money laundering and terrorist financing.

The ministry added that the workshop covered several topics related to money laundering and terrorist financing risk indicators in the jewelry and precious metals sector, as well as the methodology for handling such risk indicators, with a focus on key red flags and suspicious behaviors in this field.

It further explained that the workshop presented examples of money laundering pathways in the real estate sector and discussed practical cases to help identify suspicious indicators, while also clarifying the mechanism for preparing suspicious transaction reports and reporting suspicious activities.