National Financial Intelligence Centre holds workshop

Manama, Mar. 17 (BNA): The Executive Director of the National Center for Financial Intelligence, Shaikha Mai bint Muhammad Al Khalifa, in cooperation with the US Treasury Department, opened a workshop on the illegal use of national financial systems. The event took place from 15 to 16 March.


The center’s CEO delivered a speech on the use of a risk-based approach in combating money laundering, terrorist financing and related crimes, and recognized cryptocurrency as high risk.


She explained that Bahrain welcomes foreign direct investment and financial technology (FinTech) in order for Bahrain to be an attractive target for legitimate business by stopping the flow of any illegal funds. She added that the Kingdom of Bahrain includes a number of virtual asset service providers, which contributed to the effectiveness of adopting a partnership strategy between the public and private sectors, effective for the “zero tolerance” approach to any illegal activity in Bahrain.


She indicated the center’s belief that money laundering and terrorist financing are international issues and can only be combated effectively through political commitment, technical capacity and international cooperation, noting that the center appreciates the technical support it receives from the United States.


During the workshop, several topics were discussed, including best practices for investigations related to virtual assets, as well as the use of blockchain monitoring and tracking tools and practical applications for tracking virtual assets. The adoption and illegal transfer of GEO cryptocurrency was also mentioned.


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