Bahrain Bahrain

New Documents

Bahrain FID Highlights New AML/CTF Resolutions

The Financial Intelligence Directorate of Bahrain highlighted new measures approved by the nation’s legislature to concerning the fight against money laundering and terrorist financing.

March 10, 2022

US, Bahrain Hold Strategic Dialogue on Combating ML/TF

The State Department issued a joint statement following a strategic dialogue meeting between U.S. and Bahrain representatives on deepening ties between the two countries.

March 7, 2022

Bahrain, US Commit to Combating Antiquities Looting, Related ML Crimes

October 28, 2021

Bahrain Attorney General Highlights Money Laundering Charges Against Central Bank of Iran, 12 Other Banks

May 21, 2021

Bahrain Financial Intelligence Directorate Publishes 2020 Annual Report

March 30, 2021

News

Midweek Roundup: White House Targets Stablecoins, US Securities Regulator Accuses Cryptocurrency Sector of Lax Compliance, and More

Banks wade into cryptocurrency after years of reluctance, former FIFA and UEFA leaders indicted in Switzerland, and more, in the midweek roundup.

November 3, 2021

Weekly Roundup: HSBC Hid Suspicious Transactions, UK Banks Directed to Report COVID-19 Fraud, and More

U.K. officials investigate online bank for AML lapses, Binance under scrutiny in India, and more, in the weekly roundup.

July 30, 2021

Midweek Roundup: BNP Paribas Hit with Epstein Subpoena, Swiss Accuse Bank of AML Breaches, and More

October 7, 2020

Midweek Roundup: FinCEN Issues AML Enforcement Guidance, Goldman Sachs Settles Malaysia 1MDB Probe, and More

August 19, 2020

Weekly Roundup: Wirecard Now Target of German, Irish and US Investigations, Bahrain Fines Future Bank, and More

July 10, 2020

Enforcement Actions

0 Items Found

Key Documents

Bahrain Criminalizes Money Laundering

January 29, 2001

Bahrain Amends Money Laundering Decree

August 8, 2006

Bahrain Establishes Law Against Terrorism and Terrorist Financing

August 12, 2006

Bahrain Regulator Updates Financial Crime Rulebook for Banks

July 26, 2012

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 : 25/110
Score : 4.41/10

TRANSPARENCY INTERNATIONAL i

Rank : 78/180
Score : 42/100

Tax Justice Network i

Rank : 81/133
Score : 62/100