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Saturday 08 August, 2020

Local Partnership

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The Financial Intelligence Directorate shares strong ties with anti-money laundering and terrorist financing-concerned government and private organisations. The special bonds resulted in the appointment of the Director of Financial Intelligence as the Deputy President of the National Committee to set anti-money laundering and terrorist financing policies. The panel has 15 government organisations that work to study and set policies and strategies to prohibit and fight money laundering in the Kingdom, per the international standards of the Financial Action Task Force (FATF) in coordination and cooperation with the members.
 
The directorate receives suspicious financial cases and reports, as authorised by the law, from the financial sectors under the supervision of the Bahrain Central Bank, business sectors and non-financial professions such as the gold sector, accountants and financial auditors under the supervision of the Ministry of Industry, Commerce and Tourism. Along with lawyers and notaries under the supervision of the Ministry of Justice, Islamic Affairs and Endowments and the property sector under the supervision of the Real Estate Regulatory Authority. 
 
Decree law No. 4 of 2001, its amendments and ministerial orders have authorised the directorate, referred in the law as the “implementing unit”, to cooperate and coordinate with concerned local authorities to enforce all international standards and agreements and exchange money laundering and terrorist financing information. 
 
As the directorate is a law enforcement body under the umbrella of the Ministry of Interior, it enjoys direct cooperation and exchange of information with other security authorities. The directorate also directly refers financial and terrorist cases to the Public Prosecution, in case the crime was proven for criminal proceedings and investigation through various methods, in order to refer them to the court.