The Attorney General confirmed Dr. Ali Al-Buainain, that the Public Prosecution issued a risk document that includes standards and indicators that indicate the occurrence of money laundering and terrorist financing crimes, and it is a mechanism that will ensure early detection of illicit funds and then subject them to recovery procedures.
This came during his presidency of the Bahrain delegation at the first annual general meeting of the Regional Asset Recovery Network for the Middle East and North Africa (MENA-ARIN), which was held in Jeddah on October 8 and 9 under the auspices of the Oversight and Anti-Corruption Authority “Nazaha” in the Kingdom of Saudi Arabia as the network’s permanent general secretariat.
This is considered the first meeting; The official launch of the Regional Asset Recovery Network within the region, with the aim of enhancing cooperation in effectively recovering illicit assets. The participating Bahraini delegation included representatives of the Public Prosecution and the Ministry of Interior, represented by the National Center for Financial Investigation and the Anti-Corruption Crimes Department, as well as the Ministry of Justice, Islamic Affairs and Endowments.
It is noteworthy that the regional network aims to develop cooperation and coordination mechanisms among member states in the field of identifying and tracking assets obtained illegally and seizing them until they are recovered, all in full compliance with national and international obligations, standards and legislation.
It also aims to facilitate cooperation procedures by establishing effective communication points and developing safe and reliable mechanisms for exchanging information and investigations through modern technologies, and building and supporting the capabilities of countries in the field of asset recovery and management, while working to develop and unify legal frameworks, and enhancing cooperation with financial institutions and companies within the private sector because of their role in detecting illicit financial activities, in addition to consolidating cooperation and partnership with international organizations and networks. Regional counterpart.
In his speech at the opening session of the meeting, the Attorney General affirmed that Bahrain relies in the field of cooperation on an advanced national system that is capable of interacting with all developments, along with institutions keen to complete requests for assistance with easy and rapid procedures, and that in order to strengthen this system, a guide was issued pursuant to the Attorney General’s decision regarding requests for the recovery of assets and funds and the implementation of confiscation rulings.
The Prosecution also issued a risk document that includes criteria indicating the occurrence of money laundering and terrorist financing crimes. It is a mechanism that will ensure early detection of illicit funds and then subject them to recovery procedures. While the Attorney General expressed his confidence that the network will play its role in unifying national strategies and will enhance continuous communication between them.
At the general meeting, delegations discussed the obstacles and challenges facing cooperation in the field of recovery, and the most prominent achievements achieved by countries in the region in this regard were reviewed. Visions were also exchanged about the network’s future role in enhancing international cooperation and improving recovery mechanisms, while during the meeting a statement of intent regarding establishing the network was adopted as a declaration that consolidates collective action and enhances the principles of transparency and cooperation to support asset recovery efforts.
The network charter was approved, which includes the basic principles of governance, a statement of responsibilities and competencies in managing the network, and the work system that will be followed to achieve its goals.
On the sidelines of the meeting, the Attorney General met with the Chairman of the Supervision and Anti-Corruption Authority “Nazaha” in the Kingdom of Saudi Arabia, Mazen Al-Kahmous, where they discussed ways to enhance joint cooperation in the field of protecting integrity and combating cross-border financial crimes, as well as a number of topics of common interest.
