NEW CUSTOMS PROCEDURES AND ANTI-MONEY LAUNDERING

The Ministry of Finance of Kuwait has issued Ministerial Decision No. 24 of 2014 which highlights new customs regulations to prevent anti-money laundering and terrorist finance.

The new regulations require any person who enters or exits Kuwait to disclose to the customs authority upon its request the amount of any cash carried by the person (regardless of currency), financial instrument, or negotiable instrument to the value of any sum that exceeds 3,000 Kuwaiti Dinars or its equivalent in any other foreign currency (e.g. approximately 7,800 Euro).