Bahrain Anti Money Laundering Law 2001: Contents
Article 4 The Policy Committee for the Prevention and Prohibition of Money Laundering
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.
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.
The Committee in discharging its functions, may seek the assistance of such entities as it may determine necessary.
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.
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.
Public Prosecution shall be responsible for conducting proceedings relating to money laundering offences and related offences before the Courts.