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Kuwait's resilience undermined by lax regulation
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Added by
apesphere on 18 Jan 2009
From: www.gulf-times.com
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| Image courtesy emankuwaiti via Flickr |
Beyond the headlines about the economic crisis in highly developed and regulated economies are the horror stories of the barely regulated economies.
This article argues that lax regulation in Kuwait has not only give rise to unsettling announcements from major local fiancial institutions, but has also left the Kuwaiti institutions less able to cope with the impact of tthe global turmoil. Worse still, there was almost no disclosure about exposure to the problems until late in 2008, giving rise to calls for much greater transparency.
A new regulatory bill looks set merely to preserve the status quo.
This article argues that lax regulation in Kuwait has not only give rise to unsettling announcements from major local fiancial institutions, but has also left the Kuwaiti institutions less able to cope with the impact of tthe global turmoil. Worse still, there was almost no disclosure about exposure to the problems until late in 2008, giving rise to calls for much greater transparency.
A new regulatory bill looks set merely to preserve the status quo.
Andrew Newton is the author of The Handbook of Compliance: Making Ethics Work in Financial Services
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