Central Bank Warns on Concealed Ownership
The article focused on the instructions issued by the Central Bank of Kuwait regarding the requirement to inform the supervisory authorities for "Trade" of any changes in the data of the beneficial (ultimate) beneficiaries of legal persons, particularly within the framework of combating money laundering and terrorist financing. It clarified the new procedures, which include identifying the true beneficiaries of a legal entity or legal arrangements, and require proof of endowments (waqf) through official documents bearing the signature of the endower and two witnesses. It also emphasizes the necessity of providing details about the assets and the identities of the endowers and beneficiaries to courts or relevant authorities. Additionally, the article mentioned that endowments (waqf) are considered a form of charitable work and are classified as low-risk for money laundering due to restrictions on foreign interference and the use of real estate or family assets. The instructions also stressed the importance of adhering to the prescribed procedures and updating data to ensure the identification of the true beneficiaries and promote transparency. Strict penalties are imposed for non-compliance with these instructions.
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