Government Considers Toughening Money Laundering and Terrorist Funding Penalties
2018-07-04 - 2:13 am
Bahrain Mirror: The Bahraini Cabinet discussed intensifying the punishment of money laundering and the funding of terrorism.
The government said it was working towards "redefining the crime of financing terrorism in line with Bahrain's efforts to combat money laundering and terrorist funding locally and internationally and tightening its penalty in line with the principles and requirements of the FATF."
In light of the offer made by the Deputy Prime Minister, Chairman of the Ministerial Committee for Financial Affairs and Expenditure Control and the Minister of Foreign Affairs, the Council assigned to the Ministerial Committee for Legal Affairs the task of preparing a draft law to amend some provisions of Law No. 54 of 2006, some provisions of Decree Law No. (4) of 2001 on the prohibition and combat of money laundering and financing of terrorism, in particular Article II, item (b), to comply with the requirements referred to above.
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