Three years in Bahrain jail for failing to report suspicious transactions

TDT | Manama                                                                 

The Daily Tribune – www.newsofbahrain.com

An owner of a Bahrain audit company has been sentenced to three years in prison for failing to meet the money laundering requirements that compel him to report suspicious transactions. According to a statement released by the Public Prosecution, the Ministry of Industry, Commerce, and Tourism reported the defendant after it was found that the company failed to live up to its obligations when auditing local establishments.

"The company had committed a number of violations when it was assigned to perform the required audit procedures for various companies, including failure to implement the rules of due diligence towards clients and neglecting the application of the approach based on risks, keeping records and documents, and the obligation to submit reports on suspicious operations," the statement explained.

The Public Prosecution heard the statements of the Head of the Anti-Money Laundering Department at the Ministry of Industry and Commerce, who discussed the pieces of proof that were collected against the owner of the company, while the latter was questioned too and admitted to the violations he committed, revealed the Public Prosecution in the statement, warning against violating the regulations and laws of money laundering and financing terrorism.