MoCI Requests Accurate Shareholder Data from Businesses
KUWAIT CITY, Kuwait: The Kuwaiti Ministry of Commerce and Industry (MoCI) is requesting business owners to update and verify their shareholder data through the government’s “Sahel” app. This initiative aims to improve the business environment, prevent suspicious financial activity, and strengthen the country’s economic standing.
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According to a press release, the MoCI is urging businesses to submit accurate information regarding their stakeholders, both existing and new. This data will be crucial for auditing agencies and will help to identify beneficial ownership.
Key Points:
- MoCI requests accurate shareholder data from businesses via the “Sahel” app.
- Initiative aims to improve transparency, prevent money laundering, and bolster the economy.
- Businesses have one week to submit data through the Ereg.moci.gov.kw portal after receiving the “Sahel” notification.
Businesses are encouraged to comply with the deadline and submit accurate information to contribute to a more transparent and secure business environment in Kuwait, reported KUNA.
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