Bahrain Takes Steps to Enhance Compliance with International Financial Regulations

The Kingdom of Bahrain is strengthening its efforts to combat money laundering and terrorist financing by ensuring compliance with international financial regulations. The AML/CFT National Policy Committee (NPC), established in 2001, plays a crucial role in this endeavor.

Combating Money Laundering and Terrorist Financing

The Role of the NPC

Chaired by the Executive Director of Financial Institutions Supervision at the Central Bank of Bahrain, the committee brings together senior-level representatives from various national authorities, including:

• Ministry of Interior
• Ministry of Foreign Affairs
• Public Prosecution

Their collective expertise is essential in formulating anti-money laundering (AML) policies and strategies, as well as establishing guidelines for reporting suspicious transactions.

Responsibilities of the NPC

The NPC’s responsibilities include:

• Studying international developments that may require updates to current regulations
• Coordinating with relevant entities for the implementation of applicable conventions or treaties
• Regular meetings to discuss and vote on various AML issues

Benefits of Enhancing Compliance

By enhancing compliance with international financial regulations, Bahrain aims to:

• Maintain its reputation as a stable and secure financial hub
• Protect its citizens from the risks associated with illicit activities

The efforts of the NPC demonstrate the country’s commitment to upholding global standards and promoting transparency in the financial sector.