KUWAIT CITY, April 10:  The Ministry of Commerce and Industry announced on Wednesday that the registration rate for the Beneficial Owner Disclosure System has reached approximately 90% of total commercial registrations, achieving this milestone in a record time of just one month.

In a press statement, the ministry explained that this achievement was the result of intensive efforts by its teams, which included awareness campaigns and the facilitation of electronic procedures through the commercial registration portal.

The ministry emphasized that reaching such a high percentage in such a short time represents a significant organizational success. This achievement aligns with the country's commitment to transparency, as well as its efforts to combat money laundering and the financing of terrorism. Furthermore, it enhances the reliability of Kuwait’s commercial environment.

The Ministry of Commerce and Industry also reiterated its call for the remaining owners of commercial registrations to complete their disclosure of beneficial ownership.

It is important to note that the beneficial owner disclosure is a new legal requirement for companies and commercial institutions, aimed at identifying the natural person who exercises actual and final control over the company. This individual may be the company's director, decision-maker, the largest shareholder, or a combination of these roles.