A SPIKE in the number of suspicious transactions related to money laundering and terrorism financing has been recorded in Bahrain in the first half of this year.
When compared with the same period last year, authorities at the Financial Intelligence Directorate (FID) received 50 per cent more suspicious transaction reports (STRs) ‘“ which are submitted by banks, money exchanges, insurance companies and the Industry and Commerce Ministry.
The STRs are designed to flag questionable financial activity and 354 were registered between January and June this year ‘“ compared with just 237 in the first six months of last year.
Officials from the FID, which was founded in 2001 as the Anti-Money Laundering Unit, work in tandem with the Central Bank of Bahrain (CBB) and other government agencies in a bid to crack down on dubious financial dealings.
‘Bahrain’s prime location and its attractiveness to investors have led to a lot of criminals worldwide laundering their money here,’ said FID director Shaikha Mai bint Mohammed Al Khalifa in a statement.