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ALRAQABA . ISSUE 15
3. The State Audit Bureau of Kuwait (SAB):
• In line with Article (2) of its Establishment
Law No. (30) of 1964, SAB is committed to
investigating investments of the auditees
in order to verify the proper functioning
and soundness of their activities and the
decisions taken in this domain. The role of
SAB also includes ensuring tighter control
over the invested funds to guarantee their
optimum use. Therefore, SAB is committed
to reviewing investment regulations, policies,
and strategies to ensure that the planned
investments are not vulnerable to risk,
including the investments in the different
cryptocurrencies.
• SAB is keen to review and examine reports of
the invested funds, which are submitted by
the ministers responsible for supervising the
entities subject to articles (6) and (7) of the
Public Funds Protection Law No. (1) of 1993.
• SAB has organized a seminar on
cryptocurrencies to raise awareness of its staff
on this domain and educate them on the pros
and cons of using such types of currencies.
This event was also intended to introduce
SAB’s staff to the standpoints of certain
countries towards the use and investment of
cryptocurrencies.
4. Ministry of Commerce and Industry
(MOCI):
• MOCI, represented by the Department of Anti-
Money Laundering and Terrorist Financing,
regularly inspects, controls, and follows up on
the companies subject to its control. This is in
order to ensure compliance with the required
instructions and regulations and to take
necessary legal action against those who fail
to comply.
• MOCI is responsible for inspecting the
companies working in the cryptocurrency
trading sector, usually referred to as “Forex
Brokers,” to ensure the validity of their
license and the legality of their functions and
services. To protect the dealers from scams
and fraudulent activities, MOCI would revoke
the license of any company violating the
regulations set out by the oversight bodies.
Consequently, the local office of this violating
company in Kuwait would be shut down.
Field Study
• The target group of the questionnaire was staff
members of the SAB.
• The questionnaires were handed over to
members of all the SAB audit sectors that
are concerned with the subject matter
of this research paper. A total number of
(93) questionnaires were completed and
collected back.
• The questionnaire included (10) questions
serving the hypotheses of this research paper.
Research
