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Commerce Minister: New Anti-Illicit Trade Decree Enhances Transparency
The Kuwaiti Minister of Commerce and Industry, Osama Boodie, affirmed that issuing the decree-law on combating commercial concealment represents an important legislative milestone aimed at enhancing transparency in Kuwait’s economic activities. The decree focuses on revealing the true beneficiaries of commercial enterprises, with the goal of ensuring equal opportunities and protecting the market from illegal practices that exploit the privileges reserved for small and medium-sized enterprises. The legislation seeks to prevent the concealment of actual beneficiaries and the use of third-party names to access support and facilitation measures. Such practices weaken the competitive environment and reduce opportunities for compliant entrepreneurs. Ultimately, this will improve market integrity, increase trust among consumers and investors, and ensure fairness in the distribution of resources and benefits. Boodie also emphasized that the ministry will issue the necessary procedures to implement the law clearly, alongside developing digital systems and integrating data to enhance transparency and ease compliance—all while maintaining a stable business environment and supporting legitimate activities. The law aims to establish a business environment based on efficiency and adherence to regulations, providing equal opportunities for all, thereby strengthening the national economy and encouraging the growth of business activities in an honest and transparent manner.
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