Money laundering clamp backed in Bahrain

Bahrain will deal with all suspicious money laundering and terrorism funding activities alongside countries it is in agreement with or else it will alert Interpol

  

Financial institutions could face an administrative fine of up to BD50,000 if they fail to detect or alert the authorities about suspicious deals, transfers or transactions.

Authorities can also issue multiple fines for recurring offences by the same establishment. Tough disciplinary measures could also be initiated.

MPs approved a Royal decree to amend the 2001 Money Laundering and Terrorism Funding Law, aimed at tighter controls over money transfers and transactions.

Parliament foreign affairs, defence and national security committee chairman Mohammed Al Sissi said Bahrain was working to tackle digital money transactions.

He said the movement of money has become much trickier nowadays and needed to be governed to put an end to money laundering and terror funding.

Any person, establishment or entity involved in money laundering or terrorism funding – regardless of the extent – will be considered by law as an accomplice.

Any person who disregards his official responsibility or seeks to be involved and remains silent within any capacity could be jailed for up to three years or fined up to BD200,000, or both.

Bahrain will deal with all suspicious money laundering and terrorism funding activities alongside countries it is in agreement with or else it will alert Interpol. All financial records have to be made available or stored in a database for up to five years.

Meanwhile, the MPs also gave the government the go-ahead to join the Convention on Registration of Objects Launched into Outer Space. Both legislations will now be reviewed by the Shura Council.

MPs also voted to reject amendments to the 2002 Criminal Procedures Law that would have seen criminal cases dropped in out-of-court settlements.Debate on amendments to the 2002 Fishing Organisation, Practice and Protection Law which calls for tougher punishments, fines and jail terms for violators has been postponed for two weeks.

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