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  • Article 4 The Policy Committee for the Prevention and Prohibition of Money Laundering

    • 4.1

      The Minister of Finance and National Economy shall in co-ordination with the relevant entities appoint a policy committee for the prevention and prohibition of money laundering.

    • 4.2

      The Committee shall in particular exercise the following powers:

      (a) formulate policies and procedures to regulate the business of the Committee;
      (b) establish general policies with regard to the prevention and prohibition of money laundering;
      (c) in co-ordination with the relevant entities, issue guidelines on the reporting of suspicious transactions;
      (d) study regional and international developments in the field of money laundering for the purpose of recommending updates to the guidelines and changes to the Law when necessary;
      (e) co-ordinate with the relevant entities for the implementation of the United Nations Convention and the Arab Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances.

    • 4.3

      The Committee in discharging its functions, may seek the assistance of such entities as it may determine necessary.

    • 4.4

      The Minister of Interior shall appoint the Enforcement Unit, which shall have the following powers:

      (a) receipt of reports on money laundering offences and related offences;
      (b) conducting investigations and compiling evidence in money laundering offences and related offences;
      (c) implementing procedures relating to international co-operation under the provisions of this Law;
      (d) execution of decisions, orders and decrees issued by the competent courts in money laundering offences and related offences.

    • 4.5

      The relevant entities shall in co-ordination with the Enforcement Unit issue instructions on procedures to prevent and prohibit money laundering including the following:

      (a) regular reports from institutions on suspicious transactions;
      (b) institutions reporting on suspicious transactions;
      (c) institutions establishing the identity of the customers and the beneficiaries of customers and verification of that identity;
      (d) internal reporting requirements of institutions.

    • 4.6

      Public Prosecution shall be responsible for conducting proceedings relating to money laundering offences and related offences before the Courts.

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