Bahrain Sets up Prosecution Office to Tackle Financial Crimes, Money Laundering
2020-10-06 - 6:59 p
Bahrain Mirror: Advocate General Ali bin Fadhl Al Buainain has set up a prosecution office specialized in tackling financial crimes and money laundering.
The move fulfills the provisions of the Royal Decree issuing Law No. 29 / 2020 amending some provisions of Decree Law 4/ 2001 regarding the prohibition and combating of money laundering and terrorist financing.
The Financial Crimes and Money Laundering Prosecution office is specialized in the crimes stipulated in the Penal Code as well as in special criminal laws and financial and supervisory legislations that include crimes of bribery, embezzlement, appropriation, facilitating the appropriation of public funds, deliberate damage to public funds with the intention of making profits, causing damage through negligence or treachery and abuse of office or influence.
It will also investigate money laundering crimes stipulated in Decree-Law 4/2001 regarding the prohibition and combating of money laundering or violating the decisions issued based on it, as well as crimes related to financial disclosure.
The office establishment decision includes organizing the prosecution operations in a way that meets the requirements based on international standards in combating crime.
The operations include the creation of an electronic database for the cases and decisions related to controlling illegal funds as well as their nature, value and amount, the orders issued to seize and manage them, and their fate based on the final orders and verdicts.
The prosecution will also prepare statistics and provide information to the relevant authorities.