Global Governance and Financial Society in Light of the Capital Markets Authority Law of Kuwait
Professor Osama Al Fouly
Associate Dean of Research Affairs – Professor of Economy & Public Finance – KILAW
Abstract:
The Kuwaiti legislation has protected financial secrecy in Law No. 32 of 1968 Regulating the Currency, the Central Bank of Kuwait and the Banking Profession, as well as in Law No. 7 of 2010 Concerning the Establishment of the Capital Markets Authority and Regulating Securities’ Activity, and its Executive Regulations.
The regulation of financial secrecy in Kuwait posed several questions in the past, which were addressed by various judicial decisions. Currently the main question that it poses, and which this article attempts to answeris: what is the legal status of financial secrecy in Kuwait after the Foreign Account and Tax Compliance Act of 2010 (FATCA) has come into force. This question is especially important in light of the fact that Kuwait has joined recently the “Global Forum on Transparency and Exchange of Information for Tax Purposes”, which at present has been joined by more than133 states, and considering that more than98 States have finally agreed to the new standard of Transparency and automatic Exchange of information Bor tax purposes as of 1 January 2017.