Ministry of Commerce Bolsters Anti-Money Laundering Efforts in the Jewelry and Precious Metals Sector

An awareness workshop for compliance officers covered risk indicators, red flags, and mechanisms for reporting suspicious transactions.

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.

In a statement to the Kuwait News Agency (KUNA) on Tuesday, the Ministry of Commerce said that organizing the workshop is a continuation of the Anti-Money Laundering and Counter-Terrorist Financing Department’s efforts to raise awareness, strengthen the culture among stakeholders and specialists, and keep pace with developments in the field of combating money laundering and terrorist financing.

It added that the workshop addressed 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 risk indicators, with a focus on prominent red flags and suspicious behaviors in this field.

The workshop also presented examples of money laundering pathways in the real estate sector, discussed practical cases aimed at identifying suspicion indicators, and clarified the mechanism for preparing suspicious transaction reports and reporting suspicious operations.