The Ministry of Commerce and Industry said that its Anti-Money Laundering and Combating the Financing of Terrorism Department issued 146 precautionary measures against violating companies subject to the provisions of Law No. (106) of 2013 last July. The Ministry added in a press statement that the measures included written warnings to 88 real estate companies, 4 exchange companies, 29 jewelry companies and 10 insurance companies. It explained that the measures also included an order obliging two real estate companies, one exchange company and four jewelry companies to follow specific procedures to comply with the law and avoid violations. It noted the suspension of the activity of a real estate company and a jewelry company, and the suspension of the civil ID number of a real estate company and a jewelry company. It stated that the Anti-Money Laundering and Combating the Financing of Terrorism Department completed its procedures before the competent departments of the Ministry took licensing procedures for about 28 incorporation applications during the same month, including 18 real estate companies and 10 jewelry companies. It pointed out that "Anti-Money Laundering" updated the data of 71 licenses distributed among 52 real estate companies, 16 jewelry companies and 3 insurance companies. It added that the Department approved the confirmation of the data of 64 compliance officers for 34 real estate companies, 21 jewelry companies, two exchange companies, 4 insurance companies and 3 auction companies. The Ministry said in the same statement that (Anti-Money Laundering) conducted field audits of 64 companies: 16 real estate, 14 exchange, 30 jewelry and 4 insurance.
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