Cabinet praises role of banking sector

RAPID progress made by the banking sector in Bahrain in the last 100 years has enabled the kingdom to be an important regional centre for financial markets and a favourable destination for big global companies, the Cabinet heard yesterday.

The session, held remotely, was chaired by Deputy Premier Shaikh Mohammed bin Mubarak Al Khalifa.

Bahrain last week celebrated the centennial of its thriving banking sector whose inception dates back to the 1920s.

The Cabinet praised the role of the sector in supporting the national economy.

It also welcomed Bahrain’s ranking as the first Arab country in the Basel Anti-Money Laundering Index (Basel AML Index), noting that the accomplishment reflects the robust multiple frameworks adopted to combat money-laundering and terror financing, said Cabinet secretary general Dr Yasser Al Nasser.

The ranking reflects the success of the government’s strict measures to reinforce transparency and the strength of its laws, the session noted.

Ministers expressed condolences over the victims of an earthquake that rocked the Turkish coastal city of Izmir. It prayed for the speedy recovery of those injured.

The Cabinet condemned a terrorist attack that took place in the French city of Nice and affirmed its rejection of such terror crimes that contravene all religions, as well as humane values and principles.

Ministers discussed the norms and criteria related to the disbursement of financial support to low-income citizens, through reviewing a memorandum submitted in this regard by Labour and Social Development Minister Jameel Humaidan.

The memorandum will be referred to the ministerial committee for financial and economic affairs and fiscal balance, and then to the ministerial committee for legal and legislative affairs.

The Cabinet also discussed the conditions of registering and determining the safety of small vessels of less than 150 tonnes, and the procedures for their obtaining a navigation licence, as outlined in a draft edict submitted by Transportation and Communications the Minister of Kamal Ahmed.

The Cabinet approved four parliamentary proposals, which have already been achieved by the government.

They are related to the provision of care for cancer patients at public hospitals, the national strategy for human rights, raising funds and donations to support efforts to combat the Covid-19 pandemic, which was achieved through the Feena Khair campaign, and the support for overseas workers.

Source: http://www.gdnonline.com/Details/896476/Cabinet-praises-role-of-banking-sector