Bahrain will soon introduce a new law to crackdown on companies and individuals offering unlicensed and bogus investments, a report said.

The Shura Council yesterday approved a new bill that carries a BD100,000 ($262,000) fine or an unspecified jail sentence for those who fail to comply with Central Bank of Bahrain (CBB) regulations, reported the Gulf Daily News.

Middlemen and agents mediating in such activities could also be fined up to BD50,000 or jailed for a period to be determined by the courts.

Attempting such crimes will carry half of those punishments.

However, if an out of court settlement is reached before the conclusion of a trial the case will be closed.

CBB Governor Rasheed Al Maraj told council members the law would cover loopholes in existing legislation. – TradeArabia News Service