The government’s joint efforts to impose tougher measures to deal with questionable money laundering activities, with the assent of Fahd Al Shariaan, Minister of Commerce and Industry, Minister of Social Affairs and Community Development The ministry is making good progress. A decision to contain these negative practices in the real estate market by electronically adopting the Real Estate Brokers Book effective January 1, 2023. The decision was intended to protect the rights of realtors, brokerage employees and property buyers. and the seller. Also, realtors had to pass a training course to use the electronic realtor book. Meanwhile, under the new procedure, paper books will be allowed until his June 30, 2023.
Bearing in mind the general provisions of Chapter 1 of Resolution 164 of 2020, Al-Shariaan called for the new regulations to be implemented based on the specified timetable. These requirements include being a Kuwaiti citizen or a citizen of one of the GCC member states, and applicants must be at least 21 years of age. Applicants must also have no criminal record and must not be registered on the resident’s property. To receive license approval, the corporation must be under the terms of a Kuwait-based real estate brokerage commercial license and not have previously declared bankruptcy.
The decision not only required the broker to be entitled to a “total” commission, but also required that the broker’s mediation confirm the completion of the contract between the parties, that the mediation agreement was in writing, and that the mediation process Requests to be logged to a file. Evidence of the broker’s book, its data, documents and other conditions and obligations regulating the process.
Commenting on the decision, Imad Haidar, vice president of the Real Estate Brokers Association, said online brokerage deals could boost real estate sales while reducing the number of professional intruders. He will also protect the rights of both buyers and sellers, and the need to develop an integrated system to eliminate discrepancies and exploitation, especially money laundering operations where billions of dinars are traded through the real estate sector. It emphasizes gender.
Haider sees this approach as a way to align the sector and meet its challenges. He also said that five relevant government agencies, namely the Ministry of Commerce and Industry, the Department of Civil Information, the Kuwait City Government, the Public Fire Department and the Ministry of Justice, will be linked to the real estate broker for transparency purposes. ‘ office. This allowed the buyer to verify the legitimacy of the seller’s ownership, highlighting no fraudulent activity or financial retention prior to signing the purchase contract. He believes this provides many benefits, including assurance that dealers have confidence in the market. He added that e-broker contracts could solve the problem of paper books being rented while the real estate sector keeps pace with the latest market advancements.
Meanwhile, Commerce and Industry Minister Fahd Al-Shariaan reformed the National Consumer Protection Commission, chaired it, appointed Assistant Secretary for Consumer Protection and Administrative Affairs as deputy secretary, appointed the Ministry of Health, the Ministry of Information and the government. appointed a representative. Public bodies on agricultural affairs and fish stocks, and fatwas and legislative departments. The composition also included representatives from the Environment Corporation, Department of Industry, Kuwait Municipality, General Directorate of Customs, Chamber of Commerce, Federation of Cooperatives, and National Consumer Protection Association.
The Commission shall formulate general policies on consumer protection, plan labor protection programs, promote and develop rights and the means to achieve these rights, receive complaints from consumers and consumer protection associations, Investigate and investigate complaints, notify competent authorities, and take legal action regarding consumer interests and interference. It also considers consumer proposals and recommendations, cooperates with organizations interested in consumer protection at both local and international levels, and organizes the necessary task forces, in particular the task of monitoring the conformity of goods, services and specifications. It is also involved in forming the Force. Quality standards, in addition to the Commission investigating complaints and studying typical contracts in different areas of consumption of goods and services in order to avoid unfair situations for consumers.
The decision issued by the Commission pursuant to Law No. 39 of 2014 on Consumer Protection Regulation and Law Enforcement is final. Appeals against decisions must be referred to the competent administrative court and resolved immediately.
https://timeskuwait.com/news/ministry-targets-money-laundering-in-latest-regulations/ Ministry targets money laundering with latest regulation