As of October 1, cash sales of cars will be banned in Kuwait as part of a crackdown on money laundering. The ban comes in line with a decision issued by Kuwaiti Minister of Commerce and Industry Khalifa Al Ajeel whereby payment in car deals will be limited to banking channels. Non-compliance with this decision may result in penalties. The ministry emphasizes the importance of this step in safeguarding the economy and the country's international reputation.
A ban on cash dealing will “effectively” help limit financial crimes, the ministry added. Restricting cash sale will enable the competent agencies to track down the money movement, and verify their sources, banks, final destination and avoidance of any illegal crimes.