Title: Press Release: Gulf Efforts to Raise Awareness of Financial Fraud Practices

Kuwait, April 4, 2023 – In pursuit of achieving the awareness objectives of protecting various segments of our local and regional societies from the increasing financial fraud processes that are expanding in a direct and unprecedented form towards the citizens and residents of the GCC countries, the Capital Markets Authority of Kuwait (CMA) coordinated with the similar GCC regulatory entities to face that phenomenon and limit its implications. Several meetings were held between the joint awareness work teams in the GCC countries that led to recommending intensive efforts aimed at educating and raising public awareness regarding the financial fraud practices and the devious ways used by fake persons and companies that promote fake and illegal profit in order to seize other people’s money by using misleading means and attractive ways and promises for quick and huge profits.

Such recommendations were culminated by the discussion of the Heads of GCC Capital Markets Authorities Committee (or their equivalents) in its 26th meeting held in the Sultanate of Oman on March 14 regarding the Kuwaiti proposal of the topic of financial fraud and how to deal with the increasing crimes, as the participants directed initiating and expanding the awareness efforts toward the misleading promotional campaigns and announcements.

Within a framework related to the awareness efforts of facing the financial fraud phenomenon, the CMA has added to its official website links of licensed and unlicensed entities, and entities with suspended license by the GCC regulatory authorities for reasons related to financial fraud.

The CMA would like to seize this opportunity to urge all persons who intend to invest their funds to the importance of viewing the data included in the mentioned links to ensure the integrity of the licenses of such companies that announced the protection of their funds and investments before accessing them. It also urges them to submit their reports through the official channels that are available in all the GCC countries upon facing any fraud practices.

Moreover, all GCC capital markets authorities and regulatory entities will include such links on the website of the Gulf joint awareness program “Mulem” and announce them through their official accounts on the social media platforms, as well as their websites for the purpose of raising the awareness and protecting the current investors and those intending to invest in the future from the phishing attempts and financial fraud.

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Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw