Bahrain: Decision on Reporting Information and Measures Against Frozen Funds Issued

Bahrain: Decision on Reporting Information and Measures Against Frozen Funds Issued News developments

Bahrain: Decision on Reporting Information and Measures Against Frozen Funds Issued

Al Watan, 16 October 2021: Bahrain’s Interior Minister and Chairman of the Committee to Combat Extremism, Combating Terrorism, Its Financing and Money Laundering, has issued Bahrain Decision No. 120/2021 on the mechanisms for reporting information, the measures taken and receiving requests to authorise the use of frozen funds for individuals listed on the sanctions list and national terrorism lists and the terms and procedures for managing those funds.

Under the Decision, the committee will receive details of individuals or entities listed on the sanctions list.

They will also be advised when the national terrorism lists a request to authorise the use of frozen funds to meet basic or exceptional expenses.

The Decision bans the manager responsible for managing these funds from exploiting or using the funds entrusted to them or secure any contract or disposition relating to these funds for themselves an advantage, through an intermediary in their interest or in the interest of their wife, children, relatives or in-laws up to the fourth degree. For full story, click here.

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Marlé Van Sandwyk