Bahrain intensifies fight against financial crimes

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

Major Mohammed Al-Abdullah, Head of the Financial Crimes Department at Bahrain’s Ministry of Interior, highlighted the importance of adopting the latest mechanisms and techniques to track and deter financial crimes.

He stated that this is vital for maintaining the country’s economic security. Major Al-Abdullah emphasised the need for an integrated and continuously evolving system that includes banks, financial institutions, digital currency platforms, and other potential targets of financial fraud.

Speaking at an event organised by Network International in cooperation with Benft to raise awareness about combating financial fraud, Major Al-Abdullah noted that blockchain technology and other tools can significantly aid in tracking scammers and their activities, including the movement of illicit funds.

“With this technology, we can more effectively identify and bring fraudsters to justice,” he said. Major Al-Abdullah warned that the Dark Web and messaging platforms like WhatsApp and Telegram have become popular channels for financial fraud, with customer data often being compromised through these means.

He explained that financial crimes have evolved from targeting individuals to becoming organised operations across different countries.

The senior Bahraini official revealed that several individuals involved in financial fraud were recently apprehended, thanks to citizen cooperation with the security authorities.