Parliament to vote for tighter control on cash transactions

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

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

MPs are set to take a retrospective vote on a royal decree issued during the National Assembly recess by His Majesty King Hamad to amend the 2001 Money Laundering and Terrorism Funding Law.

It aims for tighter control on money transfers and transactions.

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

Any person who disregards his official responsibility or seeks to be involved and remains silent within any capacity could be jailed 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 would alert the Interpol.

All financial records have to be made available or stored in a database for up to five years.

 

Source: https://www.gdnonline.com/Details/941530/Parliament-to-vote-for-tighter-control-on-cash-transactions

 

Share this page Share on FacebookShare on TwitterShare on Linkedin
Close

Discover the 'Made in France à Bahrain' Guide

'Made in France à Bahrain' - Edition 2021
is YOUR guide to the economic presence in Bahrain. Click here to view the online guide