CMA to confront financial fraud at GCC nations level – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

CMA to confront financial fraud at GCC nations level – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

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KUWAIT CITY, March 18: The Capital Markets Authority succeeded in raising the file of financial fraud to the GCC countries, where the Chairman of the Board of Commissioners, the Executive Director of the Authority, took advantage of the opportunity of the meeting of the heads of the bodies and their equivalents in the GCC countries, to add a proposal in this direction, so that the confrontation would be collective. Concerned sources told Al-Jarida that the Authority’s proposal was welcomed and approved of adding the clause, stressing that the approval came out of conviction, especially since this file represents a loophole for the financial body in the countries of the region, threatens confidence and spreads chaos.

Great attention
The sources also stated that this file will receive great attention and widespread coordination between the Gulf markets’ authorities, especially as it shakes confidence in the Gulf markets, and represents a factor of expulsion and threat to foreign investors, whether individuals or institutions, especially since trust, stability and the power of deterrent laws for fraudsters and trespassers on the rights of others are the basic pillars of any financial market.