AML/CFT System Development Takes Center Stage as National Priority: BAB

The Bahrain Association of Banks (BAB) has emphasized the Central Bank of Bahrain’s unwavering dedication, in collaboration with the Ministry of Interior, to enhance the Anti-Money Laundering / Countering the Financing Of Terrorism (AML/CFT) system. This commitment is a pivotal aspect of the national agenda to combat serious crimes, ensuring the safety of the financial and banking sector. Consequently, the Kingdom of Bahrain has achieved the top position in the Gulf region for the least severity in money laundering and terrorist financing, as per the Basel Anti-Money Laundering Index.

Mr. Adnan Yousef, Chairman of the Association, highlighted this recent international accomplishment, and underscored the Kingdom of Bahrain’s legislative framework, built on best practices in financial and economic domains, which has elevated its competitiveness across various spheres. He emphasized that the Kingdom prioritizes the safety and transparency of the financial and banking sector, placing it at the core of national concerns. Furthermore, he pointed out the sector’s commitment to fostering coordination among regulators and financial institutions, aiming for the highest standards of compliance and control in the fight against money laundering and terrorist financing.

Mr. Adnan said: “This accomplishment adds to the Kingdom’s track record of successes in this domain, particularly following its previous top rankings among Arab and Middle Eastern countries for the same indicator in preceding years. It is noteworthy in this context that these triumphs are outcomes of concerted efforts by state institutions aimed at consistently bolstering the Kingdom’s standing across diverse dimensions. The involved ministries and authorities, including the Ministry of Finance and National Economy, the Central Bank of Bahrain, and the Financial Investigation and Economic Crimes Departments at the Ministry of Interior, have played pivotal roles. Additionally, the constructive collaboration between financial and banking institutions has contributed significantly to these achievements.”

The Chairman of BAB commended the national endeavors in countering all security threats confronting the global community. These threats pose a danger that jeopardizes societal stability and weakens fundamental components. Emphasizing the commitment of the Bahrain Association of Banks, he underscored their eagerness to bolster these efforts. This involves fostering coordination between international and local financial bodies and adopting a more unified approach to confront the evolving challenges in this domain.

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