MoCI mandates local auditors

The Ministry of Commerce and Industry (MoCI) issued a decision mandating all insurance companies, insurance brokers among other companies to appoint Kuwait auditors effective January 1, 2020 to fight money laundering. Local media reported that the move is expected to generate nearly 16,000 job opportunities for Kuwaiti jobseekers in the private sector.

Meanwhile, Health minister Sheikh Dr. Basel Al-Sabah announced reducing the prices of 291 drugs by up to 50 percent, explaining that the new prices were set upon recommendations made by the GCC drug pricing committee. He noted that the new prices will go into effect at private pharmacies 30 days after publishing the resolution in the official gazette. Health Ministry’s assistant undersecretary for medicine and food control Dr. Abdullah Monjed Al-Bader said reductions will continue side by side with periodic inspection of medicines, namely those for chronic diseases.