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Within the national policies for combating crime and to fulfill international requirements and the recommendations of the FATF Financial Working Group, the risk assessment report for money laundering and terrorist financing classified the national level issued by the Ministry of Industry and Trade Sector of the Retail and the highest sentence in the degree of risk, while the insurance sectors, jewelry dealers, accountants, auditors and lawyers came in the lowest category of risks for business and professions in the Kingdom.
The joint evaluation report was issued based on the recommendations of the Financial Working Group regarding the evaluation of the risk of money laundering and terrorist financing at the national level, and aims to review the compatibility of the regulations, procedures and practices related to the prohibition and combating money laundering and terrorist financing in the Kingdom of Bahrain. According to the requirements of the first recommendation of the group’s recommendations, countries are preparing a report on the risk of money laundering and terrorist financing at the national level, as Bahrain prepared this report in cooperation with the World Bank, and in conjunction with an integrated team from the relevant government agencies.
Among the most important elements in the risk assessment report at the national level: a) Risk Sources: It is divided into two local and external parts, and is classified according to the degree of risk “high, medium, low”. Etc. Law enforcement and other competent supervisory and supervisory authorities. H) Data and statistics: review of data and statistics and consider enhancing their quality, exchange between government agencies, publishing them on their websites and updating them constantly.
The table attached to the report revealed the classification of each sector in terms of the degree of risk, that the real estate sector comes within the medium category, while the banking services and the exchange companies sector represent a high to high risk degree, and other financial institutions are moderate to low, while the classification of the sector of each of the retail and wholesale banks in the high -risk category, insurance sectors, lawyers, jewelry trade, precious stones and accountants And auditors in the low risk category in terms of money laundering and terrorist financing.
The report touched on the factors that may make the Kingdom of Bahrain vulnerable to the dangers of money laundering and terrorist financing, through which it can focus on limiting these processes and risks by states:- Open economic policies and attracting foreign investments pursued by the Kingdom.- The opening of the financial and banking sector institutions to the outside world. Interior, instability, or countries that do not adhere to anti -money laundering and terrorist financing standards.
The report called on commercial facilities to adopt its results within its internal policies to assess risk, updating data in proportion to the evaluation outputs, applying the risk -based curriculum regarding the due care of customers and reinformed care for a promotion in proportion to the degree of risk specified for each sector according to the schedule of the national risk evaluation results, as well as updating the internal procedures guide for banning, combating money laundering, financing terrorism, and generalizing the results on The workers concerned and training them, in addition to informing the official’s commitment to the report.
