The Bahrain Monetary Agency (BMA) has begun a review of existing anti-money laundering/terrorist financing regulations, to ensure continued conformity with international best practice.
The review is being undertaken in coordination with the Kingdom's banking industry. A first meeting of Money Laundering Reporting Officers (MLROs), representing a cross-section of Bahrain banks, was held recently at the BMA.
A more formal consultation between the BMA and the industry took place earlier this year, in advance of BMA's planned review of anti-money laundering/terrorist financing regulations, he pointed out. A further formal consultation, again with the Bankers Society of Bahrain, will follow once a draft of the modified regulations has been prepared by the BMA.
The review process is scheduled for completion by late summer, once the Financial Action Task Force (FATF) has completed its own review of its 40 Recommendations on Money Laundering and its Eight Special Recommendations on Terrorist Financing, which are followed by banking regulators throughout the world.
The BMA is in the process of preparing and issuing a single, consolidated list of United Nations-designated terrorist organizations/individuals. The list will be circulated to all banks and will also be posted on the BMA website, to assist implementation by financial sector institutions. — (menareport.com)
© 2003 Mena Report (www.menareport.com )