Bahrain Shura agrees tougher money laundering law
Manama, April 23, 2013
Major amendments that would penalise people for profiting from laundered money have been approved by Bahrain’s Shura Council, a report said.
The changes were made to the money laundering and terrorism funding law, which also includes punishing those who legalise, cover up or receive a share from laundered money, according to the report in the Gulf Daily News, our sister publication.
They were approved during yesterday's session following requests by the Interior Minister and come in line with new international advancements to combat related crimes.
Council foreign affairs, defence and national security committee chairman Dr Shaikh Khalid bin Khalifa Al Khalifa said the concept of money laundering and terrorism funding has expanded since the law was first introduced in 2006.
"The original law doesn't deal with the usage of revenues gained through crimes, possessing or funding without clearly stating its sources or seizing the cash received through money laundering through a court from inheritors," he said.
"For that we have, in co-operation with the Interior Ministry, added in definitions to interrelated crimes, which would close loopholes that would let criminals off the hook."
Under the amendments, those who carry out operations using money earned through crime knowingly or even through assumption would be considered as a partner in money laundering.
Helping hide, cover up or legalise the use of laundered money and getting a share or providing logistic support to crimes to receive revenue will also be considered as partnership in money laundering.
Possessing or keeping such money will also be considered as partnership in money laundering.
"With the exception of those with good intentions and who are cleared of having knowledge of the laundered money, courts have every right to seize questionable money temporarily until a verdict is issued," added Shaikh Khalid.
"Courts have every right to seize money even from inheritors as it has not been earned rightfully from legal sources."
The law will be referred back to parliament for revision following the amendments and if approved will be referred to His Majesty King Hamad for ratification. – TradeArabia News Service
More Government & Laws Stories
- Norton Rose Fulbright moves London head to Dubai
- DSG ‘ready to implement Smart Dubai Strategy’
- Iraqi women protest new draft law
- Bahrain police 'face more danger in line of duty'
- Saudi names Brotherhood as terrorist group
- Qatar outraged over terror claims
- Bahrain PM condemns exploitation of children
- Qatar will not alter foreign policy: source
- Bahrain accuses Iran of fomenting trouble
- 'Put security before rights' in Bahrain: publisher
- 'Hizbollah trained Daih blast suspect'
- Key terror blast suspects named in Bahrain
- $2.6m Royal Fund for martyrs set up
- Bahrain to draw up new anti-terror laws
- GCC ROW: Qatar voices surprise over envoys pull out
- GCC tobacco tax rise ‘will fuel illicit trade’
- Saudi, UAE, Bahrain withdraw envoys from Qatar
- Bahrain explosion draws global condemnation
- GDN photographer hurt in blast is discharged
- Iran playing increasing role in Bahrain unrest
- Bahrain launches 6-point plan to fight terror
- Sisi gives sign he will run for president
- New Saudi clamp on energy drinks
- Health insurance must for Saudi visa
- Qatari doctor gets 7 years jail in UAE
- Family violence law articles approved in Bahrain
- Credit card thief jailed in Bahrain
- GDN photographer hurt in Bahrain explosion
- Bahrain King orders crackdown on terrorists
- Bahrain's 4-year development plan on track