The Bahrain Monetary Agency (BMA) has issued regulations on the preventing and prohibiting money laundering activities in the country's capital market.
The Directives Relating to the Prevention & Prohibition of Money Laundering at the Bahrain Stock Exchange (BSE), which come into effect immediately, comprise 24 articles covering all aspects of dealing in securities, from the time an offering is made, reported a press release.
The regulations apply to all parties involved in capital market activities, including the BSE, issuers of securities, brokerage firms and offices, registration offices, underwriters, paying agencies, custodians of securities, banks accredited for clearance of transactions carried out at the BSE, dealers in securities and any other entities concerned with dealing in securities.
BMA assumed responsibility for regulating the capital market in August 2002, as a result of its expanded mandate as single regulator for the entire financial industry, which also includes banking and insurance.
The anti-money laundering regulations for the BSE bring together previously issued national laws and regulations on combating money laundering. They also incorporate recommendations of relevant international organizations, such as the Financial Action Task Force (FATF) and the International Organisation of Securities Commissions (IOSCO). — (menareport.com)
© 2004 Mena Report (www.menareport.com)
