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Location: Central Bank of Bahrain Volume 5—Specialised Licensees > Common Modules (Applicable to all Specialised Licensees) > Part A > Business Standards > FC Financial Crime > FC-10 AML / CFT Guidance and Best Practice
  • FC-10 AML / CFT Guidance and Best Practice

    • FC-10.1 Guidance Provided by International Bodies

      • FATF: 40 Recommendations and 9 Special Recommendations

        • FC-10.1.1

          The Forty Recommendations (see www.fatf-gafi.org) and Nine Special Recommendations (together with their associated interpretative notes and best practices papers) issued by the Financial Action Task Force (FATF), provide the basic framework for combating money laundering activities and the financing of terrorism. FATF Recommendations 4-6, 8-11, 13-15, 17 and 21-23 as well as Special Recommendations IV, V, VII and the AML/CFT Methodology are specifically relevant to the financial institutions.

          October 2010

        • FC-10.1.2

          The relevant authoritiesG in Bahrain believe that the principles established by these Recommendations and Special Recommendations should be followed by licenseesG in all material respects, as representing best practice and prudence in this area.

          October 2010

      • Other Website References Relevant to AML/CFT

        • FC-10.1.3

          The following lists a selection of other websites relevant to AML/CFT:

          (a) The Middle East North Africa Financial Action Task Force: www.menafatf.org;
          (b) The Egmont Group: www.egmontgroup.org;
          (c) The United Nations: www.un.org/terrorism;
          (d) The UN Counter-Terrorism Committee: www.un.org/Docs/sc/committees/1373/;
          (e) The UN list of designated individuals: www.un.org/Docs/sc/committees/1267/1267ListEng.htm ;
          (f) The Wolfsberg Group: www.wolfsberg-principles.com; and
          (g) The Association of Certified Anti-Money Laundering Specialists: www.acams.org.
          October 2010

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