KUWAIT CITY, Oct 31: According to informed sources, the Ministry of Commerce and Industry is preparing to revoke the licenses of approximately 130 expired institutions and exchange offices as part of a broader initiative to streamline and regulate commercial records.

Sources indicate this action aligns with the Ministry’s commitment to market organization, undertaken in coordination with relevant authorities. The initiative will review the licenses of individually-owned institutions and implement a structured timeline and regulatory framework to ensure compliance.

The Ministry’s efforts focus on enhancing the operational environment for financial institutions while curbing unregulated practices. In collaboration with the Central Bank of Kuwait, the Financial Investigation Unit, and other entities, the Ministry aims to limit money exchange activities to authorized, transparent channels that align with national and international financial standards.

As part of this plan, the Ministry is conducting a comprehensive survey to evaluate options for converting individual institutions into licensed companies under regulatory oversight. This shift intends to close gaps that could be exploited for unlawful financial activities, as some shops have been observed trading in cash volumes well beyond permitted thresholds.

The Ministry's ongoing review will culminate in a detailed report documenting observed practices and recommending measures for legal rectification.

To ensure compliance, the Ministry recently deployed a team from the Money Laundering Department, in cooperation with the Commercial Control Department, to inspect whether these businesses adhere to legal and regulatory requirements.

According to sources, the Ministry will not hesitate to issue fines to non-compliant entities and is actively coordinating with other government agencies to maintain strict accuracy in its operations. This move is part of a broader objective to align regulatory action with the Ministry’s strategic goals and national economic plans.