Title: Bahrain’s War on Financial Crime: Dedication and Technology in the Kingdom
Bahrain, a small yet dynamic Arab kingdom, is renowned for being a hub of commerce and finance. However, the government is committed to more than just economic growth – eliminating financial crime and corruption is a top priority.
Combating Corruption
Corruption represents a significant barrier to economic development and growth in Bahrain. The government views corruption with grave concern and is taking a proactive stance against it. Some of their efforts include:
- National campaigns: Bahrain regularly launches national campaigns against corruption.
- Anti-corruption hotline, Nazaha 992: Established in 2009 on International Anti-Corruption Day, this hotline serves as a communication bridge between civil society and the Ministry of Interior, demonstrating the seriousness with which Bahraini authorities tackle corruption. It offers confidential reporting, ensuring anonymity for callers.
- Financial disclosures: Bahrain’s laws require public officials to make full financial disclosures, providing details about their assets and interests. This valuable information helps identify potential conflicts of interest and prevent corrupt activities.
Agencies Combating Financial Crimes
The General Directorate of Anti-Corruption and Economic and Electronic Security, under the Ministry of Interior, leads the charge against financial crimes and corruption in Bahrain. Specialized entities within this agency include:
- Anti-Corruption Crime Directorate: Targets corruption in both public and private sectors.
- Anti-Economic Crime Directorate: Combat various economic crimes like fraud and forgery.
- Financial Investigation Directorate: Dedicated to countering money laundering, terrorist funding, and illegal international fund transfers.
- Cybercrime Directorate: Investigates electronic crimes such as hacking, theft, and online defamation.
- International Affairs & Interpol Directorate: Maintains cooperation with international law enforcement agencies through INTERPOL.
- System Detection Directorate: Collects and analyzes information to generate security and intelligence reports for other directorates.
International Cooperation
Bahrain’s commitment to combating financial crimes extends beyond its borders. Through membership in the Financial Action Task Force (FATF) and hosting the MENA-FATF secretariat, Bahrain upholds and enforces international standards against money laundering and financing terrorism (AML/CFT).
Domestic Efforts
The Ministry of Industry and Commerce (MOIC) and the Central Bank of Bahrain also contribute significantly to preventing money laundering and financing terrorism. They employ stringent measures to ensure all financial transactions are carried out within the legal framework, helping preserve Bahrain’s reputation as a reputable financial hub.