Bahrain Cracks Down on Financial Crimes with New Prosecution Office
A Significant Step Forward in Combating Financial Crime
In a move aimed at tackling the growing menace of financial crimes and money laundering, Bahrain has set up a dedicated prosecution office. The announcement was made by Attorney General Ali Fadhl Al Buainain, following a royal order issued to prohibit and combat money laundering and terrorist financing.
New Prosecution Office: A Key Initiative
The new office will be headed by a public advocate who will be assisted by members of the Public Prosecution’s team. Its primary focus will be on investigating crimes as stipulated in the Penal Code, including:
- Bribery
- Embezzlement
- Appropriation
- Abuse of office or influence
Additionally, the office will specialize in money-laundering cases under Law 4 of 2001 and crimes related to financial disclosure.
A Significant Step Forward in Bahrain’s Fight Against Financial Crime
The establishment of this new office marks a significant step forward in Bahrain’s fight against financial crime and money laundering. According to Attorney General Al Buainain, the move ensures a full-time dedication to investigating reports received by the Public Prosecution and tackling such crimes.
International Standards in Combating Crime
Bahrain has already established several procedures in its financial and economic legislation to combat money laundering and terrorist financing. The new office will be responsible for setting up an electronic database for cases involving financial crimes and decisions related to controlling illegal funds, adhering to international standards in combating crime.
A Vital Step Towards Ensuring a Stable Economy
This move comes at a critical time, with the existence of various procedures and requirements to investigate such crimes, including gathering evidence and recovering funds. The establishment of this dedicated office is seen as a vital step towards ensuring that Bahrain remains committed to preventing financial crimes and maintaining its reputation as a stable and secure economy.