Bahrain’s anti-money-laundering efforts hailed

Paris, July 3 (BNA): The Financial Action Task Force (FATF) approved the Mutual Evaluation Report (MER) for the Kingdom of Bahrain, which assesses and summarises the anti-money-laundering and counter-terrorist financing measures. The Mutual Evaluation Report (MER) was endorsed during the meeting which was jointly held by the Financial Action Task Force (FATF) and The Middle East and North Africa Financial Action Task Force (MENAFATF) in Paris, France, on June 24-29. A group of experts and specialists from the United States of America, Britain, Belgium, Belgium, Canada, India and Egypt. The Central Bank of Bank (CBB) undertook the necessary preparations for the Mutual Review Report (MER) in coordination with the Interior Ministry, the Foreign Ministry, the Ministry of Justice, Islamic Affairs and Endowments, the Ministry of Labour and Social Development, the Ministry of Industry, Commerce and Tourism and the Public Prosecution. A meeting was also held during the field visit to the Kingdom of Bahrain in November 2017. Bahrain has also provided all laws, legislations, data and statistics, which confirm in deep insight the efficiency of its anti-money-laundering and counter-terrorist financing measures. The Mutual Review Report (MER) commended the anti-money-laundering and counter-terrorist financing measures enforced in Bahrain as well as its commitment to implementing recommendations and practices to keep abreast of strides and trends in advanced countries. . Preparations for the Mutual Review Report (MER) started by the end of 2016. A series of meetings and workshops were held in coordination with competent authorities, ahead of the FATF team’s visit. The Mutual Review Report (MER) is crucial indicator which contributes to consolidating countries’ competitiveness and attractiveness to woo investments and business. Commitment to global anti-money-laundering and counter-terrorist financing standards and benchmarks has also become an essential international requirement.