Financial Crime World

Bahrain’s AML/CFT National Policy Committee: A Unified Front Against Money Laundering and Financing of Terrorism

In an effort to strengthen Bahrain’s financial sector against Money Laundering (ML) and Financing of Terrorism (CFT), the AML/CFT National Policy Committee (NPC) was established in accordance with Decree Law No. (4) of 2001. This powerful alliance brings together various national authorities to collaboratively combat ML and CFT.

Composition of the NPC

  • The AML/CFT National Policy Committee is Chaired by the Executive Director of Financial Institutions Supervision at the Central Bank of Bahrain.
  • Members include representatives from the Central Bank of Bahrain, Ministry of Interior, Ministry of Foreign Affairs, Public Prosecution, Ministry of Industry, Commerce, and Tourism, Survey and Land Registration Bureau, Ministry of Finance, Ministry of Justice and Islamic Affairs, Ministry of Labor and Social Development, National Security Authority, Ministry of Youth and Sports Affair, Legislation and Legal Opinion Commission, and Customs Affairs.
  • High-level figures such as undersecretaries and directors head these entities.

Responsibilities of the NPC

According to Article (4) of Decree Law No. (4) of 2001, the responsibilities of the NPC are significant and crucial.

  • Formulating AML policies and strategies: The NPC is responsible for creating AML policies and strategies to safeguard Bahrain’s financial sector.
  • Establishing general policies for combating ML: The NPC is tasked with developing overall policies to combat ML and CFT.
  • Reporting suspicious transactions: The committee collaborates with relevant entities to establish guidelines for reporting suspicious transactions.
  • Monitoring international and regional developments: The NPC keeps a watchful eye on international and regional developments that may necessitate regulatory updates.
  • Implementing international conventions or treaties: The committee oversees the implementation of international conventions or treaties related to AML and CFT.

Committee Meetings and Decision Making

  • Throughout regular committee meetings, diverse ML issues are discussed and votes are cast, shaping the future of Bahrain’s financial regulations.
  • Together, the NPC represents a formidable force against financial crimes.