Bahrain

New Documents

The Attorney General of Bahrain announced that the country’s Public Prosecution referred the Central Bank of Iran and twelve other banks for prosecution after an investigation into money laundering allegations.

The Financial Intelligence Directorate of Bahrain published its annual report for 2020, covering the agency’s work to adhere to the latest anti-money laundering and counterterrorist international standards as set by the Financial Action Task Force.

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department identifies Bahrain as a jurisdiction of concern. The country is a leading financial center in the Gulf region. It has a diverse group of financial institutions, including 113 licensed banks, 19 money changers and 151 insurance organizations. Bahrain's greatest risk of money laundering stems from illicit proceeds of foreign origin that transit the country. The vast network of Bahrain's banking system, along with its geographical location in the Middle East as a transit point along the Gulf and into Southwest Asia, may attract money laundering activities. Bahrain does not have a significant black market for smuggled goods or known linkages to drug trafficking. The country's free zones are not a significant source of money laundering or terrorist financing.
  • KYC Covered Entities: Banks, investment houses, insurance firms, money exchangers, securities brokers and dealers, real estate brokers, gold dealers, financial intermediaries, and attorneys
  • STR Covered Entities:  Banks, investment houses, insurance firms, money exchangers, securities brokers and dealers, real estate brokers, gold dealers, car dealers, financial intermediaries, attorneys, auction houses, and galleries
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 3 (2015); Convictions: 0 (2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 8 High : 0
Largely Compliant : 26 Substantial : 3
Partially Compliant : 6 Moderate : 8
Non-Compliant : 0 Low : 0

BASEL i

Rank : 108/141
Score : 4.41/10

TRANSPARENCY INTERNATIONAL i

Rank : 78/180
Score : 42/100

Tax Justice Network i

Rank : 81/133
Score : 62/100