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Decree Law No. 24 of 2012 setting up the Public Authority to Combat Corruption
and the pertinent provisions for financial disclosure; and
Decree Law No. 25 of 2012 on Commercial Companies,
The National Assembly has approved, ratified and passed the following Law:
Definitions
Article 1
The following words and expressions shall have the following meaning in implementing the
provisions of this Law:
Funds: any kind of assets or property, whether money, financial or commercial papers,
whether immovable or movable properties, corporeal or incorporeal, or related rights thereto
however acquired, and documents, legal instrument in any form, including electronic or
digital form, or banking credit facilities, checks, payment orders, stocks, bonds, promissory
notes, and letters of credit, whether inside or outside the State of Kuwait.
Person: natural or legal person.
Transaction: any purchase, sale, loan, mortgage, gift, financing, transfer, delivery, deposit,
withdrawal, transfer through remittance, or any other disposition of funds in any currency,
whether in cash or checks, payment orders, stocks, bonds or any other financial instruments,
or the use of safe deposit boxes or other forms of safe deposit; or any other disposition of
funds as specified in the Executive Regulation.
Financial institution: any person who conducts as a business one or more of the following
activities or operations for or on behalf of a customer in the following manner:
a. Acceptance of deposits and other repayable funds from the public, including private
banking;
b. Lending;
c. Financial leasing;
d. Money or value transfer services;
e. Issuance and managing means of payment (e.g. credit and debit cards, traveler's
checks, financial leasing, payment orders and bankers’ drafts, electronic money);
f. Financial guarantees and commitments;
g. Trading in:
i. money market instruments including checks, bills, and certificates of deposit;
ii. foreign exchange;
iii. exchange, interest rate and financial index instruments;
iv. negotiable securities and financial derivatives;
v. commodity futures trading;
h. Foreign exchange transactions;