Financial Crime World

AML Leaders Unite: Bahrain’s National Policy Committee Tackles Money Laundering

In the global fight against Money Laundering and Terrorist Financing (ML/TF), Bahrain’s AML/CFT National Policy Committee (NPC) plays a pivotal role. This elite group, established under Decree Law No. (4) of 2001, combines leading figures from various national authorities.

Members of Bahrain’s AML/CFT National Policy Committee

The committee’s distinguished membership includes senior officials from:

  • Central Bank of Bahrain (CBB)
  • Ministry of Interior (MOI)
  • Ministry of Foreign Affairs (MOFA)
  • Public Prosecution
  • Ministry of Industry, Commerce, and Tourism (MICHT)
  • Securities and Exchange Authority (SLRB)
  • Ministry of Finance (MoF)
  • Ministry of Justice, Islamic Affairs, and Endowments (MoJIAA)
  • Ministry of Labour and Social Development (MLSD)
  • National Security Agency (NSA)
  • Ministry of Youth and Sports Affairs (MYSAA)
  • Labour Market Regulatory Authority (LLC)
  • Capital Market Authority (CMA)

Roles and Responsibilities

The committee is chaired by the Executive Director of Financial Institutions Supervision at the Central Bank of Bahrain. Their duties, as outlined in Article 4 of Decree Law No. (4) of 2001, include:

  1. Formulating AML policies and strategies
  2. Establishing guidelines for combating ML
  3. Coordinating with relevant entities on suspicious transaction reporting
  4. Studying international and regional developments
  5. Implementing international conventions or treaties

Shaping Bahrain’s Approach to AML/CFT

The NPC is a key player in shaping Bahrain’s stance against ML/TF, adhering to the Financial Action Task Force’s (FATF) recommendations and ensuring compliance with global standards. Regular meetings offer a platform for open discussions and voting on significant policy directions.

One of the committee’s most critical responsibilities is staying informed about the latest international and regional developments that may necessitate amendments to current regulations. By monitoring these emerging trends, Bahrain can effectively adapt its policies to tackle new threats and maintain its role as a leading player in AML/CFT efforts.

A Unified Approach to Combating ML/TF

The multifaceted membership of the NPC ensures a comprehensive and united approach to combating ML/TF in Bahrain. This collaborative effort is just another testament to the country’s dedication to upholding the highest standards of financial transparency and stability.