Fines Up to 50,000 Dinars for Money Laundering Violations
The article discusses the decision by the Bahrain Ministry of Industry and Commerce regarding the imposition of fines of up to 50,000 Bahraini dinars for violations related to money laundering and terrorist financing. These violations specifically pertain to the sale of gold and jewelry and accounting audits. The decision outlines the types of violations, details the penalties for illegal dealings, failure to report suspicious transactions, failure to classify clients, and non-compliance with anti-money laundering policies. It also includes measures to reduce violations and assess risks, with the aim of strengthening supervision and oversight of Bahrain's commercial and financial services sectors to combat money laundering and terrorist financing.
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