The Commercial Concealment Law... Excellent
The Commercial Concealment Law came at the right moment, as it enhances transparency, supports the economic environment, and helps channel national capacities into their proper places.
Before this law, citizens, unaware of the risks involved, placed their necks under the axe of expatriates, who acted with absolute freedom regarding assets and banking transactions, while citizens were left with only crumbs on a monthly or annual basis, bearing all the risks.
All of this was linked to procedures that broke the back of citizens, especially when the license holder granted a general power of attorney. The attorney would act as they pleased, with many of them transferring funds abroad or engaging in money laundering, which damaged the state’s reputation in international forums.
Such acts and crimes are now a thing of the past thanks to the current law. The observation by Minister of Commerce Osama Al-Boudi that “the decree protects the national economy and ensures that state benefits reach those who meet the eligibility criteria” was highly relevant, given its significant importance in strengthening national capabilities to engage in business independently, without relying on others and falling into serious risks. This is particularly true since many cases have led citizens behind bars simply because they “gave the thread and the needle” to expatriates who exploited this to commit major financial crimes and then flee the country.
This law, along with other legislation, makes the economic environment healthier and reduces the burden on Kuwait regarding criticisms raised by international institutions. This, in itself, increases financial mobility in the country.
Indeed, there are many criticisms of the overall performance of ministers regarding decisions that hinder the revival of the national economy. However, on the other hand, this law offers many benefits for both citizens and the state, provided that space is made for greater flexibility in dealings with citizens who benefit from usage rights, ensuring ease of interaction so that they do not ultimately face burdens that increase their costs.
In this regard, courts have issued several rulings concerning debt performance bonds, which were found to have been obtained through deception, fraud, or exploitation of necessity. Consequently, such debt obligations were nullified, as they lacked a legitimate basis in the debts themselves.
This step, alongside the enactment of the Commercial Concealment Law, represented a fundamental pillar, especially when coupled with the updating of the law regulating debt performance, similar to checks issued without sufficient funds against a debtor who is fundamentally unable to pay.
Efforts are underway to develop the business environment, ensuring transparency in transactions, preventing deception and fraud, and closing doors to exploitation. This is particularly important since the issued rulings have strengthened the force of the law enacted in 1980, which now requires development.
At that point, citizens will no longer have any excuse not to conduct their own business activities, becoming the primary and final responsible party for their operations, and thus avoiding involvement in any activities conducted without their knowledge.
