Money laundering has been declared by the authorities in Bahrain as an offense worthy of an up to seven-year jail term a fine of up to one million dinars, reported Gulf News.
According to a decree signed by the emir of Bahrain, Sheikh Hamad bin Isa Al Khalifa, a minimum sentence of five years imprisonment and a fine of not less than 100,000 dinars shall be enforced on money laundering-related crimes, and the describing the money generated from such a crime as having been generated by legal sources.
In January, at the addressing the annual dinner of the Bankers Society of Bahrain, Finance and National Economy Minister Abdulla Saif noted that, while money laundering is not a chronic problem in Bahrain, the government had decided to take preventive measures.
The international Financial Action Task Force (FATF) on preventing money laundering, of which the Gulf Cooperation Council is a member, has been pushing affiliated nations to implement strong measures to combat the problem. Last year, Bahrain was the first country in the Gulf region to undergo a GCC-FATF Mutual Evaluation on the measures it had introduced to date. – (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)
