KUWAIT CITY, Aug 4: Qais Al-Ghanim, the head of the Real Estate Appraisers Association, has highlighted past money laundering issues in the Kuwaiti real estate market, reports Al- Seyassah daily. Historically, cash transactions in real estate, especially in land purchases in external areas, he said, facilitated significant money laundering. This resulted in rapid price increases, a common tactic in real estate exhibitions. However, recent regulatory changes by the Ministry of Justice have had a substantial impact.

The Ministry’s decision to mandate payments via “certified checks” has significantly curtailed money laundering activities within the real estate sector. Despite these improvements, Al-Ghanim noted that some legal loopholes still exist, potentially allowing money laundering to continue in various forms. Al-Ghanim emphasized the need for further governmental action to address these remaining gaps, as ongoing money laundering can lead to increased social disparities, with individuals rapidly amassing wealth under suspicious circumstances.