Bahrain

New Documents

The Swiss Federal Council entered into a double taxation agreement with Bahrain and amended its existing agreement with Kuwait.  

The Bahrain Financial Intelligence Directorate issued a factsheet, highlighting the regulator’s involvement in combating money laundering and terrorist financing.

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 : 77/180
Score : 42/100

Tax Justice Network i

Rank : 81/133
Score : 62/100