Financial Crime World

Title: Bahrain’s War on Financial Crime and Corruption: The Multi-Agency Approach

Bahrain, a member country of the Gulf Cooperation Council (GCC), is taking a bold stance against financial crime and corruption. This holistic approach involves all sectors of society and includes:

An Anti-Corruption Hotline and a Zero-Tolerance Policy

  • Introduced on International Anti-Corruption Day in 2009
  • Allow citizens to report suspected cases of corruption anonymously, with protection of their identities
  • Serves as a significant deterrent, demonstrating zero-tolerance towards corruption

Financial Disclosure

  • Public officials obligated to publicly disclose their financial holdings and interests
  • Provides critical transparency, aids in identifying potential conflicts of interest
  • Ensures public servants act in the best interests of their constituents

Multi-Agency Approach

The General Directorate of Anti-Corruption and Economic and Electronic Security

  • Ministry of Interior
  • Six directorates:
    1. Anti-Corruption Crime Directorate
    2. Anti-Economic Crime Directorate
    3. Financial Investigation Directorate
    4. Cybercrime Directorate
    5. International Affairs & Interpol Directorate
    6. System Detection Directorate

The Fight Against Money Laundering and Terrorist Financing (CFT)

  • Full membership in the Financial Action Task Force (FATF) and the Gulf Cooperation Council
  • Adherence to all international standards in this area
  • Founding member and host of the MENA-FATF secretariat

Government Institutions’ Role in the Fight Against CFT

The Ministry of Industry and Commerce (MOIC)

  • Combat money laundering and terrorist financing activities
  • Maintain the highest operating standards
  • Adhere to stringent laws to ensure all activities conducted within legal parameters

The Central Bank of Bahrain (CBB)

  • Appointed a Compliance Directorate to lead its AML/CFT efforts
  • Uphold Bahrain’s reputation as a well-regulated financial center

Bahrain’s commitment to anti-corruption and combatting financial crime is internationally recognized and essential for maintaining a stable and secure business environment.