KUWAIT CITY, Nov 2: Informed sources have disclosed that the Ministry of Commerce and Industry plans to revoke the licenses of approximately 130 institutions and money exchange offices that have expired due to exceeding legal time limits. This move is part of the Ministry's efforts to organize its commercial records.

The sources indicated that this action reflects the Ministry's commitment to market regulation in collaboration with relevant authorities. It is part of a broader regulatory initiative that involves reviewing the licenses of shops operating as individual entities in preparation for establishing guidelines and instructions to regularize their statuses according to a specific timetable that aligns with regulatory standards.

The sources noted that the Ministry's actions aim to enhance the work environment in banking activities and monitor the practices of various institutions. The Ministry of Commerce, in cooperation with relevant bodies such as the Central Bank of Kuwait and the Financial Investigation Unit, seeks to restrict money exchange activities and circulation through compliant channels that adhere to legal regulations and international standards concerning financial crimes.

Furthermore, the sources confirmed that the Ministry's follow-up operations include a survey to assess the possibility of adjusting the status of individual institutions and converting them into licensed companies under regulatory oversight. The Ministry aims to close loopholes that could facilitate illegal practices, particularly since it has observed some shops engaged in transactions involving amounts of money and currencies that significantly exceed permitted limits.

The sources added that the Ministry's search and survey operations will culminate in a detailed report on the activities of these institutions, along with recommendations that can be implemented to address these issues legally in the near future.

To monitor compliance in the markets, the Ministry has deployed a team from the Money Laundering Department, in collaboration with the Commercial Control Department, to ensure that shops are conducting their operations in accordance with laws, regulations, and bylaws.

The sources emphasized that the Ministry of Commerce will not hesitate to impose fines on any shop that fails to comply with legal requirements, and that the Ministry is coordinating with relevant government agencies to ensure the highest level of accuracy in its operations, thereby achieving objectives that align with broader strategic plans.