Kuwait City: Kuwait has prohibited the use of cash in the trade of gold, jewellery and precious metals transactions becoming one of the first Gulf countries to adopt such a measure aimed at tightening financial controls and preventing money laundering.
The decision, issued under Ministerial Resolution No. 182 of 2025 by Minister of Commerce and Industry Khalifa Al-Ajil, requires all payments in these sectors to be made through non-cash methods approved by the Central Bank of Kuwait.
The directive, effective immediately, aims to enhance transparency and reduce the misuse of cash for illicit activities. The ministry warned that businesses found violating the rule will face closure and legal action.
In a statement on X, the ministry said the decision aligns with the country’s efforts to comply with international anti-money laundering standards.
The move follows recommendations from the Financial Action Task Force (FATF), which in its 2024 report urged Kuwait to improve enforcement against financial crimes despite having a solid legal framework.
Officials said the ban will help safeguard the national economy and ensure accountability across the jewellery sector. The regulation also reinforces Kuwait’s Anti-Money Laundering and Counter-Terrorism Financing Law of 2013, which imposes strict penalties, including imprisonment of up to ten years.
